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Income Tax - which ITR-Form or Section?

Jitender (Others) (26 Points)

18 July 2024

Hello,

Assuming a person has only these incomes (no salary income):

small amount of Income from YouTube (less than rs 20K).
bank interest.

Which ITR form should the person use?

ITR-1 with income from other sources as: YouTube income .
ITR-4 with YouTube income as presumptive income under 44AD (business)
ITR-4 with YouTube income as presumptive income under 44ADA (profession)
Any other?

Please advise.

Thankyou

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4 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5128 Points)
Replied 18 July 2024

The Income Tax Department of India has specified different ITR (Income Tax Return) forms based on the sources of income. Here’s a quick guide to help you determine which form you should file: ITR-1 (Sahaj): For individuals with income up to ₹50 lakh. Income from salary, one house property, other sources (interest, etc.), and agricultural income up to ₹5,0001. ITR-2: For individuals and HUFs not having income from profits and gains of business or profession. Includes income from salary, more than one house property, capital gains, and other sources2. ITR-3: For individuals and HUFs having income from profits and gains of business or profession. Also includes income from salary, house property, capital gains, and other sources2. ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with total income up to ₹50 lakh. Income from business and profession computed under sections 44AD, 44ADA, or 44AE1. ITR-5: For firms, LLPs, AOPs, BOIs, and other entities. Not applicable to individuals and HUFs2. ITR-6: For companies other than those claiming exemption under section 112. ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D)2.