44ADA(4) ITR and audit question

john (proprietor) (51 Points)

31 August 2024  

44ADA(4) says that a professional if his turnover is less than 50 Lacs and wants to declare less than 50 % profit has to do audit. 

I have prepared books of a professional and have done audit in 3CD. 

The problem is, i am using computax software and i have done the following

 

  1. added balance sheet in general information
  2. added depreciation
  3. in general information, added nature of business as 44ADA
  4. in audit information, shown the respective tick as presumptive under 44ADA

the problem is, 

  1. do i declare the business as "44ADA" in nature in which case computax does not let me save profit less than 50%.
  2. if i add normal business, then computation says that nature of business is 44ada but no income declared in 44ADA

my question is,

how to file 44ADA(4) ITR with audit. do i declare it as normal business or 44ada but less than 50% profit?

 

my turnover is 22 lacs. client is earning foreign income from upwork/fiverr etc as business consultant.  (and does not want to pay income tax at 50% tax)

 i am assuming i have to file ITR3?