Where to show in pgbp of itr-4

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2012 I have income u/s 194J, now i am confused regarding that where to show this income in PGBP(Profit and Gain form Business Profession), There are two kinds given in (PGBP) of itr-4 as i've downloaded the itr utility from incometaxindiaefiling.gov.in website,
1. income from speculative business(B, 38-40), and
2. income from other than speculative business(A, 1-37 ).

I am not sure that what income should be selected from 1 & 2 and inwhich column of A(1-37) or B(38-40)
i should select to file return in a proper manner.

Plz guide me in filing itr form.

thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)

26 July 2012 income from other than speculative business.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2012 Dear Clear the Serial no from Income Other than Speculative Business, which field i should select

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

03 August 2025 If you have received income covered under Section 194J (i.e., Professional or Technical Fees), it should be reported as “Income from business or profession – other than speculative business” in Schedule BP (PGBP) of ITR-4.

Here’s how to proceed:

✅ Select: "Income from other than speculative business"
(That’s Section A, Sl. No. 1 to 37 in Schedule BP of ITR-4)

🧾 Under Which Field (Serial Number)?
You should report it in:

A - Sl. No. 5: Gross receipts from profession

Explanation:

Since Section 194J applies to professional/technical services (e.g., consultancy, legal, IT, medical, etc.), your income is professional receipts, not speculative business or trading.

📌 Example:
Let’s say you earned ₹4,50,000 as consultancy income (TDS deducted u/s 194J). Then:

Schedule BP →
A.5: Gross receipts from profession – ₹4,50,000

Claim expenses (if any) under relevant expense heads (like salary, rent, etc.)

Compute net profit = Gross receipts – expenses

Schedule TDS → Enter the TDS deducted u/s 194J

⚠️ Do not show this income under:
Speculative business (that’s for share trading, futures/options, etc.)

Presumptive income (unless you’re opting u/s 44ADA)

If you’re opting for presumptive taxation under section 44ADA, let me know, as reporting is different in that case.

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