Income Tax filing for Businesses & Professionals

Will I get CA assistance for Presumptive Income Plan?

Yes, CA assistance is available for this plan. You can get answers to your queries by writing to us at info@allindiaitr.com.

Which form should I use to e-file income tax for my business or profession?

As prescribed by the government, ITR-3 and ITR-4 are used for income tax e-filing for business or profession. Depending on the type of business or profession select the form that suits you the most.

How will I know which plan best suits my requirements?

To make it more customer friendly, the details of each plan and whom it is best suited for is given. Apart from these, you can call us if there is any confusion.

Who can file ITR-4?

Individuals or HUF earning income from the following sources are eligible to file ITR-4.

• Someone earning income from a business or profession and is not covered under presumptive taxation.
• Those covered under presumptive taxation but have a turnover exceeding Rs. 2 crores in case of business and gross receipts exceeding Rs. 50 lakhs, in case of profession.

Who can file ITR-4S?

As per the guideline, assessees (Individuals / HUFs / Firms) with presumptive business income where turnover is less than Rs. 2 crores are eligible to file this form. Those earning income from salary / pension, one house property and other sources of income are also eligible to file this form.

Recently, the form has been discontinued and merged with ITR-4.

Will I be considered a freelancer / consultant / professional?

If you earn income through self-employment or through any profession or work that involves intellectual or manual skills, this income will be considered under the head ‘Profits & Gains of Business & Profession’.

Will my professional income be considered differently?

Except the income which is part of your employment agreement, any income earned through your professional skills will be considered under the head Profits & Gains of Business & Profession.

Does claiming expenses on freelance work help?

Claiming expenses on your freelance work reduces the total income and thus tax applies on an amount less than the gross income.

Do paid plans guarantee savings?

Yes, but the exact figures can’t be given initially. It is only after reviewing your details that our experts can give you a number.

Should I opt for a higher paid plan, even if my turnover is low?

Yes, a higher plan comes with a number of advantages. Our CA's will analyse your details and find ways to save taxes. Details of plans can be seen above on this page.

What is 194J?

Section 194J of income tax act 1961 states that TDS of 10% will be deducted on amount paid for technical or professional services.

What documents do I need to file return for my business?

The requirement of documents depends upon your tax filing needs.

These documents are as follows:

• Profit and loss account
• Balance sheet
• Books of accounts (if applicable)
• Sales register
• Purchase register
• TDS certificate / Form 16A