Hi,
My sister is in medical profession. She is doing job at one place for which she gets form 16. She also runs a small chamber like her own business from which she earns money. The earning from private practices is less than 2lakhs. We are confused which form to submit - ITR 3 or 4.
Also is there a separate balance sheet which needs to be created and submitted apart from ITR3/4?
Request you to please help.
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ITR3 or 4
Replies (10)
If she is doctor getting professional fees....... she can file ITR 4 (for AY 2017-18), provided min. 50% profit declared.....
Otherwise ITR 3 is applicable.
Thanks a lot. But will ITR3 need audit to be done?
Thanks a lot. But will ITR3 need audit to be done?
Yes, if the professional income is below 50% of gross receipts.
Many thanks. I got it. Is it necessary for her to submit a separate balance sheet as well apart from ITR4? I remember last time we took a professional help after which CPC asked us to submit a balance sheet.
1. No seperate attachments are allowed while filing ITR online.
2. If you have filed ITR 4, wherein declared income under presumptive scheme, balance sheet is not required but some business data like cash on hand, turnover figures etc. are required to be filled.
3. In case you are not eligible for presumptive scheme and still not provided P&L acc & BS (by filing ITR 4), CPC will treat it as defective and all these details are being asked.
Hi,
Many thanks for your responses and continued support.
Can you please also tell if she is running a dental chamber where her net revenue is less than 2L, is she required to have a GST number?
Also since she is getting salary from one hospital where she is working. And the net of all revenues are less than 50L, hence we are required to fill "COMPUTATION OF PRESUMPTIVE INCOME UNDER 44ADA (PROFESSION)" and not 44AD. Is the understanding correct?
"if she is running a dental chamber where her net revenue is less than 2L, is she required to have a GST number?"
No, if that is the only turnover she has other than salary. (note: 20L/10L is the basic exemption limit for aggregate turnover, for mandatory registration under GST)
"Also since she is getting salary from one hospital where she is working. And the net of all revenues are less than 50L, hence we are required to fill "COMPUTATION OF PRESUMPTIVE INCOME UNDER 44ADA (PROFESSION)" and not 44AD. Is the understanding correct?"
Yes, correct.....
Many thanks Sir.
Yes total Turn over is less than 10L
Yes total Turn over is less than 10L
My Pleasure.......
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