A medical practitioner runs a nursing home
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Filling of income tax return for medical practitioner
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Medical Practitioner ( Doctor) Can file ITR4 ,if his gross receipts during the previous year was less than 50 lacs , also he has fulfil all the other Conditions under section 44ADA of the income tax Act , So please refer section 44ADA in detail. This presumptive taxation scheme is applicable only to professional Individuals .
Suppose his gross receipts is rs 30 lac how much profit will be shown in 44 ADA
Your income will be treated as 50% of gross receipts for taxation, no expenses allowed as deduction from gross receipts like normal provision . refer section 44ADA .
As per the presumptive taxation your gross receipts are 30 lacs , so 50 % of 30 lacs = 15 lacs , will be treated for taxation , and remaining 50 % will be teared as your deemed expenses .
In case he prepares proper books of account then what percentage of profit shown in theri profits and loss account
If you refer ITR4 , in ITR4 Schedule Business & Profession , in Business & profession , you refer Computation of income form profession under section 44 ADA , then you refer table E4 . in E4 you have report 50% gross receipt , or the income earned whichever is higher for taxation .
Note - If income is less then 50 % of gross receipt , it is mandatory to have Tax- Audit under section 44 AB and ITR 3 will applicable to file . .
So in my Opinion you download excel utility of ITR 4 for A Y 24-25 form income tax web site and refer you will get whole idea
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