Which ITR to file?

Hello,

 

I am in the process of filing my IT return and I have income as a Freelance Consultant and also LTCG from Mutual Funds. Last time I called the IT helpline they asked me to file ITR2 and today when I called them they said ITR3 with income under 44 ADA. Can someone please let me know which is the correct ITR form that I need to file

 

Thanks

Replies (6)
Quick Summary
This discussion revolves around determining the correct Income Tax Return (ITR) form for individuals with freelance consultancy income and long-term capital gains from mutual funds. Initial advice from the IT helpline was conflicting, suggesting both ITR-2 and ITR-3. The consensus leans towards filing ITR-3, with specific guidance provided on entering freelance income under presumptive taxation (Section 44ADA) in Schedule BP, and capital gains in Schedule CG. It's also noted that Schedule S is not applicable for non-salaried income.

You need to file ITR 3

Thanks for your reply Sunil.

1.Under Schedule S, if I had two separate companies as a Freelancer do I have to fill the top part where its asking for Employer name, address and nature of Employer etc.

2. Do I have to fill the BP tab part? As the IT help desk said to use 44 ADA for income but when I enter info the message says its read only!!

3. Where to enter the Long Term Capital Gaines part? Would that be in the CG tab?

 

Thanks

It would be better if You take service of a chartered Accountant to file your income tax return.
You have to file ITR 3. For professional service related to ITR filing you may contact us at: taxclinictc @ gmail.com
You have to file Form ITR 3
1. Schedule S is not applicable to you as you are not receiving any salary...it's application in case of salary
2. Your income as a Freelance consultant is required to be mentioned in schedule BP under Presumptive Taxation
3. Capital Gain required to be shown in Schedule CG.

In Part A General to the question, Whether you are a Director in a company? the field to enter is showing gray instead of green and hence I'm unable to calculate Tax. How to rectify this?

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