head of professional recpt in itr 4

where to show professional rcpt in itr 4??
Replies (17)
Hi Priyatambika,
Income from profession has to be declared u/s 44ADA.

so it will too get 50% taxable ?? and balance 50% expenses allowed ?? is not it ??

YES 50% RECEIPT IS TREATED AS INCOME AS BALANCE U CAN CLAIM EXPENSES U/S 44ADA

 

Yes. Minimum 50% of the receipts are presumed to be the income from such profession.

BUT REMEMBER ONCE OPTED THEN U ARE BLOCK TO FILE THE ITR UNDER PRESUMPTIVE FOR 5 YEARS 

@ naveen chand... is it really so ???   but as far i know if itr 3 is chose over presumptive income itr 4, then assessi cannot file itr 4 for 5 years ?  please correct me if i am wrong....

You are right Priyatambika. If an assessee opts for presumptive taxation in a PY and for the subsequent PYs he opts out of such presumptive taxation, then he cannot opt for presumptive taxation scheme for the next consecutive 5 PYs.

u r blocked for 5 years 

but as @ sarath Chandra is saying .. I am not blocked for 5 years..
@ priyatambika Naveen Chand is saying that if you file ITR3 now, then you are blocked to file ITR4 for 5 years.
He is in consensus with our discussion and is as per the provisions of the Act.
@ NaveenChand is talking about the blocking w.r.t Presumptive taxation but not w.r.t General provisions of Business income.
ok.. I understood ..

@ sarath Chandra , can you tell me that if itr 4 can be substituted with itr 3 by revising the return ??

@ Priyatambika

No. ITR4 cannot be replaced by filing ITR3. The system doesn't allow you to file an other form of return for the same AY.

Instead, if you want to furnish the details of profit & loss account and balance sheet, you can file a revised ITR4 (presumptive) by mentioning the finanical particulars of the business (available at the bottom of the schedule) in Schedule NOB BP.

MEANS VALUES OF B.S CAN BE CHANGED ??

You can enter the BS values as on 31st March 2018 which you feel are correct. You are filing revised return, so you can change the values reported in the earlier return. Make sure all the values entered in the revised return are correct as you cannot revise it again and again.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details