Reels, Facebook and YouTube earning? Do not forget to file ITR, otherwise you will get caught in this trouble

Social media influencer in the country The number of is continuously increasing. Many social media influencers are also earning well from Instagram Reels, YouTube and Facebook. If you are also included in them, then definitely read this news. If you earn on social media, do not forget to file your income tax return (ITR). If you do this, you can get a notice from the Income Tax Department. Not only this, you will also have to pay a thick penalty for hiding earnings. Let us tell you that this time the ITR department is investigating intensively to catch tax evasion. He is not only examining the ITR form but is also keeping an eye on the people who are income from different sources. The Income Tax Department is strict on those who are not filing returns after earning good earnings or hiding information. Those people are investigating and charging a fine for tax evasion.

More than 50 thousand income will have to be given information

Tax experts say that reels, brand deals, affiliate links, YouTube, Facebook and even the gift received are more than Rs 50,000 in a year, so it is necessary to give information under ‘Professional and Professional Income’ in your ITR. Even free gadgets or hotels are counted as taxable allowances.

It is necessary to give details of all earnings

Unlike salaried employees, social media influencers are considered as self -employed professionals or businessmen under tax laws. It is necessary to give information about brand promotion, commission, online workshop, event, sale of goods or even foreign payment income. Under Section 194R of the Income Tax, brands paying a gift items worth more than Rs 20,000 should deduct 10 percent TDS at the appropriate market price, this still applies when the influencer does not receive any cash amount. Everything obtained in lieu of content, whether it is in the form of cash, object, crypto or voucher, falls under the taxable title of ‘business or profession’.

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