Tax@fashion designers
one of the my client is fashion designer. her gross receipts is 6lac p.a.(no books of accounts).
(1)Now shall I file ITR 4S or ITR4?? ( 2) is it professional income or business income?
Replies (2)
If it is purely fashion design then it is profession. You can file itr 4 only as profession is not brought under ambit of sec 44ad.
Fashion designer is a notified profession and books are required to be maintained when the gross receipts in a fy exceeds 150000 in all the 3 preceding previous years. However in case of a newly set up profession, if in the previous year, gross receipts exceeds 150000, then books are required to be maintained. Also presumptive taxation is not available to notified profession and hence no question of filing itr4s.
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