If you’re a freelancer in India, filing your income tax return (ITR) is different from what a salaried employee does. Since you don’t get a Form 16, it’s up to you to keep a precise record of your earnings and expenses to avoid any mistakes or penalties. Filing Options and Deductions As a freelancer, you’ll … Read more
Income Tax Return Filing 2025: Your Guide to ITR-3 The income tax return (ITR) filing season is in full swing, and if you’re a business owner, a freelancer, or a professional, you’re likely wondering about ITR-3. This is one of the most detailed ITR forms, specifically designed for individuals and Hindu Undivided Families (HUFs) who … Read more
Income Tax Department Enables Updated Returns for ITR-3 & ITR-4 The Income Tax Department has announced that taxpayers can now file updated income tax returns (ITR-U) for the assessment years (AY) 2021-22 and 2022-23 using forms ITR-3 and ITR-4. This facility, introduced under Section 139(8A) of the Income Tax Act, provides individuals and businesses with … Read more
Filing your Income Tax Return (ITR) can be confusing, but choosing the correct form is essential to avoid penalties. Making a mistake can lead to a defaulted ITR and a potential tax notice. To simplify the process, here is a breakdown of the most common ITR forms—ITR-1, ITR-2, ITR-3, and ITR-4—and who should use them. … Read more
Earning as an Indian resident trader from foreign prop firms can be a lucrative opportunity, but it requires careful attention to tax and compliance to avoid scrutiny. Based on the expert advice provided, here’s a detailed breakdown of how to stay tax-compliant and avoid red flags. 1. Understanding Your Income 2. Receiving and Managing Funds … Read more
The Income Tax Department has officially enabled online filing for ITR Form 3 for Assessment Year (AY) 2025-26 (Financial Year 2024-25). This means individuals and Hindu Undivided Families (HUFs) with business or professional income, including those involved in share trading (like F&O) or investments in unlisted shares, can now easily file their returns through the … Read more
Great news for many taxpayers! The Income Tax Department has just made ITR-3 available for online filing for Assessment Year (AY) 2025-26 (which means for income earned in Financial Year 2024-25). Until now, only the offline utility was available. This update is a game-changer, especially for those who need to file by the September 15 … Read more
The ITR-3 form is now live on the Income Tax Department’s e-filing portal for the Assessment Year (AY) 2025-26. This is great news for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession, as they can now file their returns completely online. Who Should Use ITR-3? This form is specifically … Read more
It’s tax season, and for the first time, the Income Tax Department has a dedicated category for social media influencers! If you’re a content creator, blogger, online coach, or any digital gig worker, here’s what you need to know about filing your Income Tax Return (ITR) this year. New Profession Code: 16021 Good news – … Read more
The Income Tax Department has rolled out a new tax code, 16021, specifically for you under the ‘Profession’ category for FY 2024-25 (AY 2025-26). This is a game-changer for how you report your earnings from promotions, endorsements, and digital content. What’s New? Until now, income for social media influencers didn’t have a dedicated classification. Now, … Read more
