As we know , now , last date for Income Tax Returns (ITR) filing is gone and now one will have to file ITR with a stiff penalty. However, those who have earnings from social media platforms like YouTube, Facebook, Twitter, etc., must know that they also have income tax outgo if their annual turnover is ₹ 50 lakh or more. According to tax and investment experts, if the earning individual is having earnings from social media even though they have a regular source of income, they have to showcase their net income from the social media platforms too.
However, for a person who is running a huge income network like a yoga teacher, spiritual speakers, private coaching faculty, etc., they need to get the income tax audit done at the end of financial year if their net annual turnover is ₹50 or above. However, during ITR filing process regarding one’s income from social media platforms, expenses have to be deducted from the net turnover while calculating annual social media Income from social media falls under the purview of service sector and hence, the income tax audit becomes mandatory if one’s net annual turnover is ₹50 lakh or above.
However, it doesn’t mean one needs to pay income tax on ₹50 lakh. One’s expenses have to be deducted while calculating the net income from the social media. For example, one needs to go for the internet expenses, private video and photo shoot, social media experts for getting more attention on one’s social media account, etc. These are some common expenses that one must deduct from the annual turnover during the ITR filing.