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For professional income which itr should be file?

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Dear All Please send to me Balancesheet and Income & Expenditure for Business or Professional Income on my mail id prashant08desai @ gmail.com also, Can you share with me Which ITR Should be filed for Professional Income ITR4 OR ITR4S ?
Replies (6)

ITR 4S if professional Income is computed on presumptive basis else ITR-4

FOR PROFF INCOME ITR 4 AND U SHOULD FILE PROFIT AND LOSS A/C AND BALANCE SHEET

yes for ITR4 you should file  balance sheet and p&l and not in 4s if computed on presumptive basis 

can profession income show of Depreciation in bs ?

if the professsinal has assets then depreciation claim would be there for eg furniture 

As per Section 44AD of the Income Tax Act presumption taxation can be applied only for profits and gains of busniness or profession.

However w.e.f from 1-4-2017 assessee's engaged in profession referred to in section 4AA(1) and whose gross total receipts does not exceed Rs 50 Lakhs in a previous year can aopt for presumtive taxation.

Hence, ITR 4S cannot be filed and only ITR 4 has to be filed.  


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