if gross income from business and profession is above 50 lacs but taxable income is below 50 lacs ,which form should one fill ITR 3 or ITR 4.
Thanks in advance
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Choice of ITR Form
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Quick Summary
ITR 3 ..
Thank you very much
You are welcome.
ITR-4 is not available if gross receipts or turnover from business/profession exceed ₹50 lakh. The relevant limit is gross receipts/turnover—not taxable income. File ITR-3, even if taxable income is below ₹50 lakh. ITR-4 may be used only if the other eligibility conditions are met and the business/profession income is computed under the presumptive provisions.
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