Tax returns filing for freelance / independent consultant

I want to understand with form should I be using to file my IT returns. I am a freelancer/ independent consultant having income from multiple sources. I thought ITR4S was the one, as ITR4 excel version is not available to download. When I filled it completely it says that there has to be some presumptive income to be able to use that form. Can some body guide me further? more  

View all 10 comments Below 10 comments
ITR-4, YOU ARE DOING WORK LIKE A PROFESSIONAL more  
You have to use ITR 4 only as your income does not fall under basis. Depending upon the gross receipts you have to draw up balance sheet and profit and loss account and arrive at net profit. more  
ITR 4S will not be applicable to you since your income most likely will not be considered as presumptive income u/s 44AD or 44AE of the Income Tax Act. So you have to file in ITR 4 which is very much available. more  
Post a Comment

Related Posts

    • Waive off Tax for the Covid-19 period!

      Covid-19 has affected almost all citizens and residents of India. People are jobless and businesses are either shut down or in a loss. People are unable pay their EMI's. Loan moratorium relief was ...

      By Suhail Sayed
      /
    • Now report these in income tax

      Additional transactions to be included under the reporting standards of income tax include: Payment of rent above Rs 40,000. Payment of educational fee/donations above Rs 1 lakh per...

      By Aditi Jain
      /
    • Savings Must ?

      Senior people at loss as Bank FDs intrest less. Now any type of Mutual Funds ,Liquid Funds prone to Stamp Duty. Gains for LTCG. Dividends TDS! SCSS etc Long duration with reduced yields! Is Saving...

      By SATHYAMURTHY R
      /
    • Newz 26 AS form

      CBDT has recently brought out the new form 26AS for ease of filing of Income Tax Returns(ITRs)by taxpayers.The new form is a faceless handholding of taxpayers,to help them with updated financial t...

      By Aditi Jain
      /
    • Wrong TDS entry in Form 26 AS

      Need urgent advise from some one please - In my Form 26AS for assessment year 20-21, some entries of TDS has been shown under section 194C by some one with whom I never had any dealing. Moreov...

      By Brij Gupta
      /
    • LIC POLICY ADDRESS CHANGE

      LIC being a very big insurance company, why not they look into the possibility of making the changes in the existing policies, like change in address, name change, bank details etc. ONLINE. When on...

      By Hari Shenoy
      /
    • Bank's refusal to honor agreed FD interest.

      Dear members, I am Sekar and new to localcircles.com. In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me. During matu...

      By Sekar Rg
      /
    • DEAF Account

      It often happens that people don’t share even the basic financial details with their family members. In case of any untoward incident, the family members are left in the lurch as they are una...

      By Aditi Jain
      /
    • Tax on dividend

      I fully agree with the circle member's claim to approach the FM/PM, requesting to remove the senior citizens from taxing 10% on the dividend received on the Mutual Funds. In fact the present level ...

      By Subramanian Sekaripuram Ananthakrishnan
      /
    • Benefit of new tax regime for 13L+ salary earners

      Most of the salaried individuals with gross income of ₹13 lakh or more and non-salaried persons with income of ₹9.5 lakh or more will get to make tax savings if they sign up for the new lower incom...

      By Satvik Singh
      /
    • NRI income in zero tax domiciles taxable in India

      NRIs living in zero tax domiciles like UAE (Dubai Sharjah & also Bahamas etc) will have to pay tax in India. And now all those who (partly) moved to Dubai recently to evade taxes are stuck.

      By Aditi Jain
      /
Share
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)