Kindly answer my query regards how should a person file for tax (which ITR etc. for AY 2017-18) who is liable for tax under both Sec 44AB, i.e., running a professional services provider outfit with gross revenue under Rs 1 Cr., and with personal professional consulting income with gross revenue much below Rs 50 Lakhs. As per example provided on some IT department doc that I remember, such a person is not required to maintain books of accounts since these two incomes are below the audit limits.
However, how does this person file the tax returns for these two incomes in this case? Should such a person file NEW ITR-3 (which is older ITR-4)? If so, then in this case, how does he opt for presumptive taxation for the individual professional earnings that are mentioned above? Should he show the expenses against his individual professional earning at 50% (or LOWER), so as to be treated in a presumptive manner towards this income? Is there any cell or space to opt for this choice?
Thanks. Any guidance and/or with examples, and specific ITR to be used will be helpful. Ravi