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Business name for a freelancer in itr 4 ay 2019-20

08 May 2019

Hi, I am a freelancer using social media marketing for clients and have income less than 10 lakhs. I have a few questions regarding filing ITR-4. Kindly help with the same:

1. In ITR 4 AY 2019-20 under Computation of Presumptive Income for Professions under section 44ADA, there is requirement to mention Business Name. But, I am freelancer individual and I don't own a business. What should i input in this case?

2. For Financial particulars of business, as I am an individual what should be the entry for Sundry Creditors, Inventories, Sundry Debtors and Cash in-hand?

Thanks

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7 Replies

Umesh Sharma (student) (350 Points)
Replied 08 May 2019

FREE LANCER YOU ARE DOING IN YOUR OWN NAME THEN YOU CAN ENTER YOUR NAME IN BUSINESS OR IF YOU HAVE SOME BOLG NAME THEN YOU CAN ENTER THAT NAME ALSO .fOR THE CONCERN OF DEBTOR/CREDITOR/CASH IN HAND IF YOU HAVE RELEVANT INFORMATION THEN YOU CAN ENTER THE SAME OTHERWISE PUT ZERO VALUE IN THE SAME AND PROCEED FORT THE SAME

Imtiaz Bellary (4 Points)
Replied 08 May 2019

Thanks Umesh

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 08 May 2019

File Itr 3 and claim expenses. if you file itr 4 you have to show 50 percent profit. Itr 3 e filing utility will be made availbe soon.

Vijya (retired) (24 Points)
Replied 31 August 2019

Sir can you please tell me if one is doing freelancing business and he/she is just a BA and doesn't hold any professional degree and, is providing services of social media etc. will they be able to file ITR 4 and opt for section 44ADA or they will have to go for section 44AD?

Can you please resolve my doubt? thanks.

Umesh Sharma (student) (350 Points)
Replied 11 October 2019

that doent not matter that you are having professional degree or not for profession you can file retune and claim expenses.

1 Like

saurav kumar (3 Points)
Replied 14 August 2020

Hi I have a software company(I am Director there). And I do separate IT work as well which I get paid for. I want to know which form should I fill for AY20-21. It would be helpful.