GST on Youtube Income | How to Tax Youtube Income | How to Tax Social Media Income | GST on Insta

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For the Assessment Year (AY) 2024-25 in India, income earned from YouTube is treated as income from a business or profession. As such, it is subject to tax according to the applicable income tax slabs and rates. Here's a general guide on how to handle taxes on YouTube income:

1. Nature of Income
Income from YouTube can include various sources like ad revenue, sponsorships, paid partnerships, merchandise sales, and super chats. This income is considered business income under the Income Tax Act.

2. Filing Requirements
Tax Return: You must file an Income Tax Return (ITR) if your total income exceeds the basic exemption limit. The basic exemption limits for AY 2024-25 are:

₹2.5 lakh for individuals below 60 years of age.
₹3 lakh for individuals between 60 and 80 years of age.
₹5 lakh for individuals above 80 years of age.
ITR Form: Generally, ITR-3 or ITR-4 (for presumptive taxation under Section 44ADA) is applicable for individuals having income from a business or profession.

3. Presumptive Taxation
For small taxpayers, if the gross receipts do not exceed ₹50 lakh, you can opt for the presumptive taxation scheme under Section 44ADA, where 50% of the gross receipts are considered as income and the rest as expenses.

4. Advance Tax
If the total tax liability exceeds ₹10,000 in a financial year, you are required to pay advance tax in four installments (June 15, September 15, December 15, and March 15).

5. Goods and Services Tax (GST)
If your annual turnover exceeds ₹20 lakh (₹10 lakh for special category states), you must register for GST and comply with GST regulations.
GST on Youtube Income | How to Tax Youtube Income | How to Tax Social Media Income | GST on Insta
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