Income Tax Return Filing for Business & Professionals
Business and professional returns carry more moving parts — the right form, whether you can use presumptive taxation, and whether a tax audit is triggered. Getting these calls right controls both your tax and your compliance burden.
Presumptive schemes (44AD for business, 44ADA for professionals) can dramatically simplify life for smaller taxpayers, while a tax audit under Section 44AB adds obligations once you cross the thresholds.
Key features and requirements
- ITR-3 (regular business/profession) or ITR-4 (presumptive)
- Presumptive 44AD for eligible businesses (turnover up to ₹3 crore where cash receipts are within 5%)
- Presumptive 44ADA for professionals (gross receipts up to ₹75 lakh on similar conditions)
- Tax audit under Section 44AB above the prescribed turnover/receipt limits
- Due date typically 31 October where a tax audit applies
- Maintaining books and reconciling with GST turnover
How TaxSastra handles this
We determine the right form and scheme, tell you clearly whether a tax audit is triggered, and file an accurate return that ties to your GST and books.
What’s included
- ITR-3 / ITR-4 filing
- Presumptive taxation eligibility and computation
- Tax-audit applicability assessment
- Books-to-GST turnover reconciliation
- Advance-tax planning
- Coordination with tax audit (where applicable)