Pradeep Jethuri: Sir mere friend h wo yoga class deta h toh itr kon sai form m file kru Pradeep Jethuri: Income ushe cash m milti h
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Quick Summary
This discussion clarifies which Income Tax Return (ITR) form a yoga teacher should use. If your income is below £50 lakh, you can generally use ITR-4 under the presumptive income scheme (Sections 44AD, 44ADA, 44AE). However, yoga teaching isn't covered by 44ADA, so filing under 44AD via ITR-4 is recommended. If your business income exceeds £50 lakh, you'll need to file ITR-3. Income received in cash should be declared under 'Income from other sources' or as income from profession (PGBP).
File ITR -4 if total business income less than 50 lakh otherwise file ITR -3 if business income exceeds 50 lakh , if income received in cash file in section any other mode
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