Income Tax Dept Introduces New Code for "Social Media Influencers" in ITR:

The Income Tax Department has launched the Income Tax Return (ITR) utility with new codes for 'Social Media Influencers' in the ITR Form
ITC Dept introduced new codes for Social Media Influencer in ITR-3 form
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Income Tax Dept Introduces New Code for "Social Media Influencers" in ITR
The Income Tax Department has launched the Income Tax Return (ITR) utility with new codes for 'Social Media Influencers' in the ITR-3 Form. By Selecting the appropriate code, it will ensure the following:
- Proper classification of income
- Faster and correct ITR processing
- Less risk of tax survey or mismatches
- It is a profession but not a "Specified Profession" as per section 44AA.
- You cannot apply for the Presumptive Taxation Scheme u/s 44ADA.
- Tax Audit is applicable above the receipt of Rs. 50,00,000
- Maintaining Books of Accounts is compulsory if Income is more than Rs. 1.2 Lakh or Turnover/gross receipt is more than Rs. 10 Lakh (Limit is Double for Individual/HUF)
- Income from business or profession
- Income from salary or pension
- Income from house property
- Income from capital gains
Who is eligible to file ITR-3?
- Individuals/HUFs who run a business or profession
- Those receiving remuneration, interest, or commission from a partnership firm
- Individuals with multiple income from multiple sources, such as Salary, pension, house property, etc.
| Sector | Sub-sector | Code |
| Wholesale/ Retail Trade | Commission agents - Kachcha Arahita | 09029 |
| Profession | Social Media Influencers | 16021 |
| Other Services | Speculative trading | 21009 |
| Other Services | Futures and Options trading | 21010 |
| Other Services | Buying and selling shares | 21011 |
About Author
Vanshika verma
Content Writer
Vanshika Verma is a Content Writer with 1+ year of experience at Studycafe.in. A B.Com graduate from Delhi University, She writes articles on Finance, Tax, ICAI, GST, and the latest financial news, with a focus on making complex topics easy for readers and professionals.
Vanshika Verma is a Content Writer with 1+ year of experience at Studycafe.in. A B.Com graduate from Delhi University, She writes articles on Finance, Tax, ICAI, GST, and the latest financial news, with a focus on making complex topics easy for readers and professionals.
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