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.
Submit 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.
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Hope you are doing well !!
You need to mention the income under the head income from business/profession.
ITR-4 should be filed.
I hope this answer satisfies your requirement.
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.