ITR TYPE 500 Freelancer Income

This query is : Resolved

Jatin Sachdeva (Querist)
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29 May 2022 Hi,
I'm a salaried person. I also do intraday, F&O and short term investment.
I will file ITR for the first time.
As per the online resources, I should file ITR 2 for the above cases.
But I also did a bit of freelancing (not continuing now) and income from it was just 500 rs.
So please tell how and where can I adjust this income. Or I will have to go for ITR 3.

Saurabh Anokhchand Jain

Saurabh Anokhchand Jain (Expert)
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29 May 2022 Income as a Freelancer (consultant) is taxed under the head “Profits and Business or Profession".

Freelancers and consultants need to fill out and submit either ITR-3 or ITR-4.

ITR-3 applies to income from business or profession. A freelancer can opt for presumptive taxation and declare 50% of their gross receipts as their income by filing ITR-4.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 May 2022 Given that your freelancing income is just Rs 500, better ignore that for a minute and focus on intraday & F&O activities for the purpose of determining which return form to use.

In case you have Loss or profit from these activities that is less than 6% of cumulative turnover, please file ITR-3. Else, you may file ITR-4.

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