Self-Employed / Business Owner
Definition
Individual earning income from own business, profession, or freelance work (not as employee). Must file ITR-3 (actual expenses) or ITR-4 (presumptive scheme) — NOT ITR-2.
In Context
Self-employed are responsible for advance tax payments, GST compliance (if applicable), and business accounting. Claim actual business expenses under Section 37 in ITR-3. ITR-2 is NOT for business income.
Related Terms
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⚠️ Disclaimer: This glossary is for educational purposes. Simplify Money provides analytical insights and guidance. We have applied for SEBI RIA registration.