Income tax-4

This discussion clarifies income tax filing for a boutique owner using ITR-4 for FY 2020-21. The user earns £250,000, with £10,000 in product expenses, and operates on cash receipts. The key questions revolve around correctly reporting gross turnover versus the 6% or 8% margin, and whether a boutique falls under 'business' or 'profession'. The advice given is that a boutique is considered a business, and Section 44AD can be opted for, with a suggestion to declare 95% as profit.