Where to show in pgbp of itr-4

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)
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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

Aashok Kumar Sharma (Expert)
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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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