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For professional income which itr should be file?

PRASHANT DESAI (Service) (49 Points)

13 January 2017

Dear All Please send to me Balancesheet and Income & Expenditure for Business or Professional Income on my mail id prashant08desai @ gmail.com also, Can you share with me Which ITR Should be filed for Professional Income ITR4 OR ITR4S ?

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6 Replies

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 13 January 2017

ITR 4S if professional Income is computed on presumptive basis else ITR-4

Vaibhav (Complaince of accounts and finance) (150 Points)
Replied 13 January 2017

FOR PROFF INCOME ITR 4 AND U SHOULD FILE PROFIT AND LOSS A/C AND BALANCE SHEET

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 13 January 2017

yes for ITR4 you should file balance sheet and p&l and not in 4s if computed on presumptive basis

PRASHANT DESAI (Service) (49 Points)
Replied 13 January 2017

can profession income show of Depreciation in bs ?

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 13 January 2017

if the professsinal has assets then depreciation claim would be there for eg furniture

Avishek Tibrewal (Chartered Acccountant) (37 Points)
Replied 14 January 2017

As per Section 44AD of the Income Tax Act presumption taxation can be applied only for profits and gains of busniness or profession.

However w.e.f from 1-4-2017 assessee's engaged in profession referred to in section 4AA(1) and whose gross total receipts does not exceed Rs 50 Lakhs in a previous year can aopt for presumtive taxation.

Hence, ITR 4S cannot be filed and only ITR 4 has to be filed.