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Where to show freelancing income

392 views 4 replies

Rohit Kalra

26 Points Posted on 25 September 2020

Hi,

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

Replies (4)

Taha

405 Points Posted on 26 September 2020

I think it is covered under income from profession as u get work on contractual basis and then get paid for it but confirm from others

CA Kushwanth AVSR

CA in Practice CMA by Qualification

1593 Points Posted on 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

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 27 September 2020

What is your Profession from which you derive freelancing income ?

Rohit Kalra

26 Points Posted on 03 October 2020

Which business code will apply for content writer's. Should I file itr 4 and select 16019 business code which applies for other professional services.