Re: Indian Income Tax Returns Filing for 2008-09 Re: New IT-return Form ITR-4 (or any other suitable form if it is other than the above) Hi! I need more information about how to file my IT Returns for the year 2008-09. My income for the year is exclusively from writing Web Content (articles/web content) for overseas clients. All the payments received are through Paypal to my bank account. So, my question is: 1.A. Which new IT return form should I use to file the returns? (Require the form number). As my profession now is "Writer", which incidentally does not come under any type of profession mentioned in the form. (I am assuming "Form ITR-4" to be used for IT returns). 1.B. So, which section/s do I fill up? I have asked a CA in my locality, but I am not satisfied with his answer, hence this question to someone who knows the legal aspect better. This would also help the countless Indian writers on this great forum. Of course, I will take expert advice of another CA in due course, but any information from you will be greatly appreciated! Thank you very much!
I am sure about that, but under which sub-section? Because there is no provision for "Writers". Thank you for your prompt answer! P.S.: The ITR-4 online form is available here: http://www.incometaxindia.gov.in/archive/ITRForms/Form ITR-4.zip The "Instruction" pdf also does not mention any specifics. The PDF is available here: http://www.incometaxindia.gov.in/archive/ITRForms/Instructions ITR-4.zip
If you have a current account in which this money comes and you are acting as proprietor of that firm. Then you can pay tax on the name of that firm too. I don't know much about forms but its really easy to get an accountant and he will do it for some money Normally you just have to provide him your bank transaction statement and all receipts, bills etc that you have. Rest he takes care of all accounts stuff and forms.
Thanks! But I am getting payments to my Savings account in my name. I haven't formed a company or do not have a Current account. Incidentally, some time ago, I had taken all the transaction details to this accountant. I then wanted to know if I have to form a company or get some kind of legal import/export license to get payments legally to my bank account from overseas. When I wanted to know about what legal licenses are necessary to get income from web writing, the same CA had said that "Writers" are very special people! They aren't like true professionals like a doctor or engineer, etc. Another point he mentioned then was: today I am using the Computer/Internet as a medium of conducting my writing business, but tomorrow I may hand-write speeches and deliver them to politicians! Or, even may write for a newspaper... So, again, it is a "free" medium, hence it is not associated with one medium as such. he said, even the Accountants do not have exact idea of where to "place" a writer! So, he said that no other license is required if your income is from writing for overseas clients. To be on the safe side, he had asked me to request the Reserve Bank in this context. He had asked me to get an answer from the Reserve Bank of India, which I did. But even the RBI did not mention anything specific. I think, there is no "specific" license requirement (as I had read somewhere either on DP or other place some time back). But that was about specific licenses that were needed to get income from writing for overseas clients. This question is about the IT returns. Thanks again!