Help in return filling and rectification of error

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A freelancer who mistakenly filed their first Income Tax Return (ITR) using ITR-4 under Section 44ADA is seeking advice on rectifying the error. They are concerned about losing presumptive taxation benefits and receiving a notice from the IT department. An expert has reassured them that filing the return is not an issue and that changing to ITR-3 will not forfeit the 5-year presumptive scheme benefit, as Section 44ADA is not binding.

sagar singh

sagar singh (Querist)
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11 November 2021 hello expert
recently i filed my first itr and i made some mistake plz help
1. i am a freelancer helping people with accounting and consulting in filing for pan and linking process for which my GReceipts where 92000 and profit was 65000 cash 10400 i foolishly filled itr 4 under section 44 ada in under profession of accountancy with no current account i am an mcom graguate
2. i dont think i will be continuing my profession as i have joined a job and have no ffree time.
3 i know opting out of itr 4 or 3 i will lose the presumptive scheme for 5 years which i dont think i should lose

i am also scared of getting a notice from IT and have not slept for 2 days of scare

my main reason for filing itr this year is to show my freelance income as i have applied for TA exam in which i put PGBP as my employment
i think i want to show my income in other souces as freelance and not claim benefit of 44ad or ada
but as i have filed my income tax can an expert help me in this mess
plz plz plz help

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 November 2021 1 When you have already filed return, no need to change or to get worried, as it is not adversary.
2. If you wish you may change it to ITR 3, you will not loose the 5 year benefit, as you have filed it under sec. 44ADA, which is not binding as sec. 44AD.

sagar singh

sagar singh (Querist)
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11 November 2021 thankyou sir thanks alot i am reliefed❤️

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 November 2021 God Bless You ....

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