My wife is self employed physiotherapist and provide consultancy and some treatments (manual and with physiotherapy machinery) . How is income and tax to be calculated and which form do we use for ITR filing. Thanks!!
Menu
Which itr form for self employed physiotherapist ?
Replies (3)
Since she is a practicing professional, her income shall be taxed under the head "Profit and gains of business and profession". Income shall be the "Gross receipts from profession", tax shall be levied on Gross receipts less permissible expenses and deductions under Income Tax Act,1961. Use ITR-4 to file return of income.
Thanks. Would that be Sugam ITR-4S to be exact?
Can "consultancy" type of income be filed under a simple ITR form ?
No sir, you cannot file ITR-4S in your case. ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act. It is not permissible for professional to file ITR-4S. Hence you should file ITR-4
Recent Topics :
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
Related Topics :
CAclubindia
