Those who earn on social media, how much tax they have to pay … which ITR form fills

ITR For Social Media Influencers: Recently, social media content creators and influenusher have emerged rapidly in the digital world. According to the Income Tax Department, the number of social media influencers who earn more than 20 lakh rupees annually in the last two years has increased. Some influencers have earned from 2 to 5 crores annually. In such a situation, separate code has been brought for those involved in these professions. Also, the screws will be tightened on those who do not give details.

But, do you know which form has to be filled by those who earn on social media and how do they file their income tax returns? In the ITR-3 and ITR-4 form, the Income Tax Department has made a big change and added five professional categories. These include YouTube and other social media earnings, speculative business, commission agents and futures and options traders.

Changes for those who earn from social media

In fact, till now social media influencers or stock market businessmen used other categories to file their returns, which made it difficult to identify which person the person is associated with.

Now they have been given a special code, after which there will be no problem in their identity. YouTube and other social media earners have been given 16021 code by the Income Tax Department. This code has been given to those earning from promotion, digital content or advertisement, which is included in both ITR-3 and ITR-4 form.

In such a situation, those earning from social media will have to fill ITR 3 or ITR4 according to their level of income and estimated tax. Experts say that if any influenuses opt for section 44ADA under estimated taxation, then they have to fill ITR-4.

What rules for stock market traders

Along with this, a new code 21010 has been added for traders of the futures option (F&O) segment earning from the stock market. This code will be able to ensure correct information in their trading earnings. ITR-3 Bhakar will have to give information about their full income and profit and loss for traders.

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