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Income Tax - which ITR-Form or Section?

ITR 253 views 4 replies

Hello,

Assuming a person has only these incomes (no salary income):

  1. small amount of Income from YouTube (less than rs 20K).
  2. bank interest.

Which ITR form should the person use? 

  1. ITR-1 with income from other sources as: YouTube income .
  2. ITR-4 with YouTube income as presumptive income under 44AD (business) 
  3. ITR-4 with YouTube income as presumptive income under 44ADA (profession) 
  4. Any other?

Please advise.

Thankyou

 

 

Replies (4)

The Income Tax Department of India has specified different ITR (Income Tax Return) forms based on the sources of income. Here’s a quick guide to help you determine which form you should file: ITR-1 (Sahaj): For individuals with income up to ₹50 lakh. Income from salary, one house property, other sources (interest, etc.), and agricultural income up to ₹5,0001. ITR-2: For individuals and HUFs not having income from profits and gains of business or profession. Includes income from salary, more than one house property, capital gains, and other sources2. ITR-3: For individuals and HUFs having income from profits and gains of business or profession. Also includes income from salary, house property, capital gains, and other sources2. ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with total income up to ₹50 lakh. Income from business and profession computed under sections 44AD, 44ADA, or 44AE1. ITR-5: For firms, LLPs, AOPs, BOIs, and other entities. Not applicable to individuals and HUFs2. ITR-6: For companies other than those claiming exemption under section 112. ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D)2.

Any TDS deducted from the income from youtube?

No TDS deducted on income from YouTube.

 

Well what type of service you provide on youtube? Your profession qualification?


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