Hi,
From this FY onward, the ITR4 has changes to ITR3 and ITR4S have become ITR4. My dad, a lawyer has been filing IT4 all these years (which is ITR3 from this year onward), however, I came to know about a new notification which says under section 44ADA (presumtive taxation at 50 % of income), professionals whose income is <50L PA (including legal profesionals) can file ITR4S (which is ITR4 now) .
Now, my dad's total income is <50L, but TDS is deducted by the company which pays fees to him (Not salary, but legal fees) and 10% of his entire legal fees is deducted as TDS. I would like to know if he is eligible to file under the new ITR4 based on the new notification as I am confused on what this :presumtive income is!)
Also, while filing ITR3 (if he has to stick to the old form) then what is the maximum % that can be shown as expense? (Like tax is calculated on total income (minus) expense ? Is it 50 percent or 30 percent ? (He has been showing 30 % all these years)
Thanks in advance
CAclubindia
