Frequently Asked Questions
Q. Will I get CA assistance for Moderate Plan?
No, CA assistance is not available for this plan, as it is do it yourself plan. However you can get answers of your queries by calling us on our toll free number 18001025807.
Q. 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 type of business or profession select the form that suits you most.
Q. How will I know which plan best suits my requirements?
To make it customer friendly, we have given details of each plan and to whom it is best suited for. Apart from these, you can call us if there is any confusion.
Q. 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.
Q. Who can file ITR-4S?
As per the guideline, assesses (Individual/HUF/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.
Q. 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 treated under the head ‘Profits & Gains of Business & Profession’.
Q. 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 treated under the head Profits & Gains of Business & Profession.
Q. Does claiming expenses on freelance work helps?
Claiming expenses on your freelance work reduces total income and thus tax applies on an amount less than the total income.
Q. Do paid plans guarantee savings?
Yes, but the exact figures can’t be given initially. It is only after reviewing your details our experts can figure it out.
Q. 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 CAs will analyse your details and find ways to save taxes. Details of plans can be seen above on this page.
Q. 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.
Q. What documents I need to file return for my business?
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
