Which itr form i have to file ?

ITR 358 views 16 replies

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You are welcome.                     

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.


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