Your net income is estimated to be 8 percent of your gross income. If you are a freelancer professional, you have to file Form 4 if your gross income is less than Rs 50 lakh. This form is not mandatory and if you have kept records, maintained balance sheets and got your profit and loss audited, you may fill the regular Form 3 and 5.įorm 4 is applicable only if your gross income through your business is less than Rs 2 crore. The income is presumed on the basis of the receipts of payment from the agencies you worked form. In simple terms it means that if you run a small business and do not have the resources to calculate your profit and loss, the IT department lets you file a return based on your presumed income. The form, which is also referred to as SUGAM, is meant for any business with presumptive income according to the Sections 44AD, 44ADA and 44AE of the Income Tax Act. The Form 4 is a simplified returns form for individuals as well as businesses that do not have the means of calculating their taxable income. Other taxes like advance tax, Self-assessment tax, refund etc., would be available in AIS (Annual information statement)ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.If you are a freelancer or if you run a small business, you are required to file the Form 4 at the time of income tax filing. navigate to AIS under Services Menu after login”).Īccording to the Income tax website, From AY 2023-24 onwards, Form 26 AS display only TDS/TCS data. Promote voluntary compliance and enable seamless prefilling of return.Display complete information to the taxpayer with a facility to capture online feedback.value after considering taxpayer feedback) under each section (i.e. For each section, AIS displays both the reported value and the updated value (i.e. Taxpayers can submit feedback on AIS information. The Annual Information Statement (AIS) is a complete view of a taxpayer's information provided in Form 26AS. What is Annual Information Statement (AIS)?
0 kommentar(er)
