Income Tax 101 for Self-employed

Explore a comprehensive guide on income tax for self-employed Indians through this series of engaging videos. Understand the differences between various forms and get answers to common questions to streamline your online ITR filing experience.

Episodes

E01: ITR for Self employed Individuals Explained

03 mins

As a self-employed individual, you're responsible for filing your ITR. Hence, it’s crucial to have a comprehensive understanding of the different ITR forms. These include ITR-2 for individuals with income from extra sources, ITR-3 for proprietary businesses, and ITR-4 for presumptive taxation. Moreover, you need to be extra careful when calculating your taxes. Keep your documents ready and complete your online ITR filing by the set date to avoid penalties.

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No, self-employed individuals cannot file ITR-1 as it is meant for salaried individuals. They must file ITR-3 or ITR-4, depending on their income sources.

The due date for online ITR filing is generally July 31st of the assessment year. This applies to all individuals, whether they are salaried or self-employed.

ITR-3 is for individuals with income from business or profession with a complicated earning structure. ITR-4 is for those with income from business or profession who have opted for the presumptive taxation scheme.

No, an individual cannot file both ITR-3 and ITR-4 in the same year. They must choose the appropriate form based on their income sources and structure.

If you have foreign income, you will need to provide details of your foreign assets, bank accounts, and any tax deducted at source on your foreign income while filing ITR online. Additionally, if you have foreign income, you are only eligible to file ITR-3.

Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2027) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)