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Start early, choose right ITR form: Tax guide for professionals
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Sanjeev Sinha New Delhi
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With the tax filing season underway, professionals should initiate the process early. This will enable them to file timely and accurate tax returns. Early filing of returns will also help them receive tax refunds sooner.
Choose correct ITR form
Resident professionals opting for the presumptive taxation scheme (PTS) regime under Section 44ADA typically file using ITR-4 (Income Tax Return Form 4). However, if total income exceeds ₹50 lakh or includes capital gains (excluding long-term gains under Section 112A up to ₹1.25 lakh), foreign income or assets, income from multiple house properties, or agricultural income over ₹5,000, ITR-3 becomes applicable.
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