The tax filing season is here and in case you are a self-employed taxpayer who is trying to file his/her Income Tax Return for the financial year 2017-18, then in that case tree are several provisions that will make tax filing easy for you.
A self-employed person can be anyone for e.g.: - a trader, freelancer, doctor, lawyer, Chartered Accountant, website developer, artist, music composer, cab drivers etc. A taxpayer is said to be self-employed if he doesn’t carry on his business or profession in any legal form of entity, that is a Company, Partnership firm, LLP, etc. If you are self-employed, you should understand the basics of income tax so that you can easily file your Income Tax Return.
The last date to file Income Tax Return for the Financial Year 2017-18 is 31st July 2018. You must file your ITR before this date, in order to save yourself from any tax penalty. Self-employed taxpayers can file their Income Tax returns in Form ITR 3 or ITR 4.
Form ITR 4 can be used by a taxpayer opting for presumptive taxation scheme. If return is to be filed in Form ITR 3, the filing process would be more tedious and complex. To prepare the income-tax return, one has to download the Java or Excel utility from the Income Tax Department’s official e-filing portal. After preparing the return, you must generate an XML file which is to be uploaded on e-filing portal.
Filing
Income Tax Return
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