If you are a content creator, that is, you earn from YouTube and other social media platforms, then there is very important news for you regarding 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 ITR. Complete details of income will have to be given in Form ITR-3 or ITR-4. 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 who are social media influencers
After the changes made by the Income Tax Department, a new code 16021 has been created for social media influencers. This is for those who earn money by promoting, advertising or creating digital content on social media. According to the income slab, they will have to fill ITR-3 or ITR-4 form. According to section 44ADA of Income Tax, ITR-4 form has to be filled to avail tax exemption on estimated income.
Understand the complete list of codes here
- Commission Agent – 09029
- Social Media Influencer – 16021
- Speculative Trading – 21009
- Futures Option Trader (F&O) – 21010
- Buying and Selling of Shares – 21011
Those who are stock market traders should know this
According to the news, a new code 21010 has been fixed for stock market traders (F&O). Such traders will have to give details of their income, profit and loss in Form-3. Earlier, taxpayers of this category used to file ITR in other categories. With the introduction of new codes, the categories of people earning in different ways will be decided. This will help the department to deal with those trying to save tax. It will become easier to keep an eye on professionals earning more.
