FCA LLM (NLU) Anti-Money Laundering Sp
644 Points
Joined February 2015
Who is eligible to file ITR-4 for AY 2024-25?
ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:
- Income not exceeding ₹50 Lakh during the FY
- Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
- Income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000/-)
- Other Sources which include (excluding winning from Lottery and Income from Race Horses):
- Interest from Savings Account
- Interest from Deposit (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Family Pension
- Interest received on enhanced compensation
- Any other Interest Income (e.g., Interest Income from Unsecured Loan).
Since you are a Doctor which is covered under the definition of profession, so you have to file U/s 44ADA. However TDS deducted U/s 194C which is for contractual services and taxable U/s 44AD, but being a professional, you have to declare business income as per section 44ADA of the Income Tax Act, 1961.