By Admin 
Income Tax: If you are a social media influencer and you are earning by making YouTube videos or reels, then this news is for you. Currently, there are 2.5 million influencers in India, who have more than 1000 followers. Social media influencers can earn from Rs 20,000 to Rs 200,000 in the month. In such a situation, if your source of earning is social media, then you your & nbsp; Do not forget to file income tax returns (ITR). For this, there is a deadline till 15 September. & Nbsp;
It is necessary to file tax for influencers & nbsp;
Social media influencers make content and put them on platforms like YouTube, Facebook, Instagram, Twitter and they earn them. They are also earned from brand promotion, ad revenue, sponsored posts. Social media earnings come under the category of ‘Business and Professional Income’ under the Danakam Tax Act, so the same tax slab will apply to it which applies to self-meploid professionals.
Influencers have to file returns through ITR-3 or ITR-4 form. Of these, ITR-3 is for those who have made social media their main profession. At the same time, ITR-4 is for those influencers who opt for the estimated income scheme under Section 44 DA. This form is beneficial for small businessmen and professionals who pay taxes on an estimated income basis. Influencers who earn up to Rs 2 crore or Rs 50 lakh annually can choose this option. & Nbsp;
Tips to file ITR for influencers
- First of all verify Form 16, Annual Information statement (AIS). After gathering all the related documents with you, you have to mix them with AIS and Form 26AS. & Nbsp;
- Now one of ITR-3 or ITR-4 has to be selected. & Nbsp;
- Give correct information of your income here. & Nbsp;
- If you are a character of deduction, claim. & Nbsp;
- Verify your returns within 30 days. & Nbsp;
- Tax audit for influencers
For big influencers i.e. whose annual income from social media is Rs 1 crore or more, it is necessary to get tax audit with the help of chartered accountants.
Apart from this, GST registration is also necessary for them. They have to pay GST at the rate of 18 percent. Not only this, if any gift or payment from brands is more than Rs 20,000 & nbsp; If TDS can be cut on it. In such a situation, it is necessary to give all the information related to the transaction in income tax return.
Overall, the tax slab applies to social media influencers in India like other professionals. If someone has chosen the old tax system, then income up to Rs 2.5 lakh is tax free. At the same time, there will be no tax on annual income of up to Rs 7 lakh for those who choose a new tax slab. & nbsp;
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