If you are a content creator, that is, you earn from YouTube and other social media platforms, then there is a lot of important news for you about income tax return. According to the news of LiveHindustan, now all the people earning from social media, YouTube, F&O trading, commission agency, betting or stock trading will have to enter a new code while filing ITRs. Form ITR-3 or ITR-4 will have to give full details of income. Actually, the Income Tax Department has made changes in Form ITR-3 or ITR-4. Five new professional codes have been included in these.
Know social media influenors
After the change made by the Income Tax Department, a new code 16021 has been created for the social media influencer. This is for those who earn promotion, ad or digital content on social media. According to the slab of income, they have to fill the ITR-3 or ITR-4 form. According to Section 44ADA of Income Tax, ITR-4 form will have to be filled to take advantage of tax exemption on estimated income.
Understand the full list of code here
Commission Agent – 09029
Social Media Influenceer – 16021
Speculative business – 21009
Futures Options Treder (F&O) – 21010
Share Purchase and Sale – 21011
There are stock market traders who know this
According to the news, the new code 21010 for stock market traders (F&O) has been fixed. Such traders will have to give their income, profit and loss details in Form-3. Earlier, taxpayers of this category have been filing ITRs in other categories. With the introduction of new codes, the category of those earning differently will be fixed. This will help the department to deal with those who try to save tax. It will be easy to monitor the professional professional.
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