Submit ITR 4
Hi, I am earning an average of 2.5 to 5 LPA. And most of the time I don't have proofs of the income as working on freelancing website or direct calls contact. Which ITR should I fill. Last year I filled ITR 4.
And what should I select as the source of income in the options of the form?
You must file income as business income and ITR 4.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Dear Sir,
Hope you are doing well !!
You need to mention the income under the head income from business/profession.
Hello,
ITR-4 should be filed.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
You will have to select the appropriate code related to your profession from the list of nature of business/profession specified in ITR-4.
- What is the nature of your freelancing? Based on the nature, you can opt for 44AD or 44ADA.
- Submit ITR-4
- Please take phone consultation for deep understanding.
what kind of work do you perform? if you perform work like software development, (professions eligible under 44AA), then you can file ITR 4 and use presumptive taxation scheme (44ADA) wherein you can directly show 50% of your gross receipts as profit and pay tax on it.