Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Itr return form

227 views

Save Share

Join Us Follow Us Add as Source

Ajay Kashimpure

16 Points Posted on 08 January 2021

sir which ITR should I file for photography business

Replies (6)

Quick Summary

Choosing the correct Income Tax Return (ITR) form is crucial for your photography business. Generally, ITR3 is for individuals with income from proprietary businesses or professions. However, if your business income falls under the presumptive taxation scheme (Sections 44AD, 44ADA, 44AE), you might be eligible for ITR4. If your turnover exceeds Rs 2 crores, or gross receipts are above Rs 50 lakhs without an audit, you'll likely need to file ITR3.

Krishna Chaudhary

Accountant

4533 Points Posted on 08 January 2021

The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 : Carrying on a business or profession. If you are an Individual Director in a company.

ayusmita

Tax consultant

5895 Points Posted on 09 January 2021

Itr 4

Krishna Chaudhary

Accountant

4533 Points Posted on 09 January 2021

The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.

Kapadia Pravin

17269 Points Posted on 09 January 2021

ITR 4 presumptive taxation 44ADA for cinematography etc. if not falling under 44ADA then 44AD. Gross receipts upto 50 lakhs without audit. Above 50 lakhs, then ITR3