Ready for tax season, or still feeling a bit confused? Don’t worry, we’re here to make things clearer with this video.
First, we'll discuss ITR-3. This can be the ideal form for anyone running a proprietary business or profession. If you’re running a ‘one-man-show’ —like a doctor, lawyer, or consultant—this form is for you. It includes your total income from your practice.
Next, you'll understand all about ITR-4 and the presumptive taxation scheme. With this scheme, your income is calculated as a set percentage of your turnover under Sections 44AD, 44ADA, or 44AE. We’ll also look at finer details under each. For instance, Section 44AD applies to business owners with a turnover up to ₹2 Crores, Section 44ADA to professionals earning up to ₹50 Lakhs. Similarly, Section 44AE applies to those working with goods carriages who own up to ten vehicles.
Finally, the video explores other forms like Form 16A, Form 26AS, Annual Information Statement, and Form 3CB-CD. You’ll also learn about Forms 15G and 15H, which are needed to avoid TDS deductions on your interest income.
Filing ITR may initially seem tough for self-employed individuals. However, with the right forms and a little preparation, you’ll soon become a pro at filing your taxes!
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