Tax filing for self employed individual
Can I know the process for tax filing when I'm self-employed? Can I do the filing online and what are the important things to remember when doing so?
The process for tax filing when you're self-employed is pretty simple.You must fill in the form ITR-4 where a portion of your receipts are considered to be net income and tax is paid on the basis of that. If you have a presumptive income, you can file form ITR-4S. The income is considered under 'Income from Business or Profession'. And yes, the filing can be done online.
You must just have an understanding of the tax treatment and the right forms to fill as aforementioned. You can also claim certain expenses in order to ensure a reduced tax amount.
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