Rohit Kalra 25 September 2020
I want to know where to show freelancing income Whether to show in itr3 or itr4 as a professional income
Or to show in itr 1 income under head other source
Assuming tds has been deducted u/s 194j.
If I opt for itr 4 then can I opt out in next assessment year to opt for itr 3
Aditi Kaur (Practising CA) 26 September 2020
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kushwanth avsr (.) 26 September 2020
Freelancing income is taxable under the head income under the head profits or gains from business or profession. So, you cannot file ITR -1, So, you have to file either ITR-3 or ITR-4.
If you opt for ITR 4 for current assessment year then you can opt out for ITR-3 in the next assessment year