Itr filing: Nowadays, in many cases, there is an additional income opportunity. Many creators are making huge income by creating content on YouTube. If you are also a social media influency and make a YouTube video or reel, this news is for you.
If you earn from social media, submit income tax return
Currently there are 2.5 million influency in India, with more than 5 followers. Social media Influncers can earn from Rs. In such a situation, if your source of income is social media, be sure to submit your income tax return (ITR). The deadline for this is till September 7.
Mandatory
Social media Influncers make content by creating content on platforms like YouTube, Facebook, Instagram, Twitter and making money from it. They also earn from brand promotion, advertising revenue, sponsored posts. Income tax from social media is covered by the ‘Business and Professional Income’ section under the Income Tax Act, so the same tax slab applies to professionals will apply.
Which form will be file
The return should be submitted through the Influnce ITR-3 or ITR-4 form. Of these, ITR-3 is for those who have made social media their main profession. At the same time, ITR-4 is for the influential people who chose the ‘Presumption Income’ project under section 44 DA. This form is beneficial for small businessmen and professionals who submit taxes on the basis of estimated income. Influncers of up to Tk 2 crore or Tk 50 lakh can choose this option.
ITR filing tips for dominant
First verify Form 16, Annual Income Statement (AIS). After collecting all the relevant documents you need to cross-cheek with AIS and Form 26AS.
Now you have to choose ITR-3 or ITR-4.
Give the correct information about your income here.
If you are eligible for Dedaxeshen, please clum.
Verify your return within 30 days.
Tax audit for the dominant
For the big dominant, that is, the annual income from social media is Tk 1 crore or higher, the tax audit needs to be audited with a chartered accountant.
Also, they need to register GST. They have to pay GST at the rate of 5 percent. Not only that, if a gift or money from the brand is more than Rs. In such a situation, all information related to the transaction on the income tax return needs to be provided.
Overall, in India, social media influencers are taxed according to the same tax slab as other professionals. If one chooses the old tax system, then up to two and a half million taka is tax free. On the other hand, for those who choose new tax slabs, no tax on annual income up to Rs 1 lakh will not be applicable.