I am a professional such as CA, doctors, lawyer, web-designer, etc earning more than the income tax slab. Which return should I file?
There are two types of return which are to be filed by a professional, either ITR 4 if he chooses for the maintenance and audit of accounts else ITR 4S if he does not choose the same. So, if you are maintaining your books of accounts and getting your accounts audited then you need to file ITR-4 else you have to file ITR 4S using a presumptive source of income.
What is the last date for me for filing the business income return?
The last date for filing the business and profession income return is normally 31st July of the Assessment Year but if you are required to get your accounts audited, then the last date for filing of return of income is 30th September of Assessment Year.
Do I need to maintain books of accounts? When can I file a return under no books of accounts or presumptive income?
If you are engaged in a specified profession(specified in Q4), then you need to maintain the books of accounts if your gross receipts exceed Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts are likely to exceed Rs.1,50,000.
What does the Specified Profession include?
Specified Professions include legal, medical, engineering, architectural, accountancy, technical, interior decoration, film artists, company secretary, information technology, and authorized representative profession.
When can I opt for a Presumptive Source of Income?
You can opt for a presumptive source of income if your turnover or gross receipts is within the specified limits(given in Q6), or if you are engaged in a business of plying, hiring, or leasing of goods/carriages, then you can opt for a presumptive source of income.
When am I required to get my accounts audited?
You are required to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Cr.(in case of Business) and Rs. 50 lakhs(in case of the profession).
If I do not opt for a presumptive source of income though eligible, then what would be the consequences?
You have to maintain books of accounts and get your accounts audited if you do not opt for a presumptive source of income, though eligible.