Business Tax

Small businesses (turnover up to ₹2 crore, or ₹3 crore if 95%+ digital) can declare 8% of turnover (6% for digital receipts) as profit under 44AD. Professionals (receipts up to ₹50 lakh, or ₹75 lakh if 95%+ digital) declare 50% under 44ADA. No detailed books or audit needed — often the simplest and cheapest route.

Generally when business turnover exceeds ₹1 crore (₹10 crore if cash transactions are under 5%) or professional receipts exceed ₹50 lakh — and in certain cases when you declare profits below presumptive rates. We check applicability and coordinate the audit if needed.

ITR-4 (Sugam) for presumptive income; ITR-3 for regular books of account, F&O trading, or income above presumptive limits. Partnership firms file ITR-5. Wrong form selection makes the return defective — we get it right.

F&O is non-speculative business income (slab rates, expenses deductible); intraday equity is speculative business income. Turnover computation for audit applicability follows special rules. Traders almost always need ITR-3 with proper books — a speciality of ours.

Yes — to the extent used for business. Vehicle depreciation and running costs, phone/internet, and a reasonable share of home rent/electricity for a home office are legitimate deductions with basic documentation.

The department auto-matches them and issues e-campaign/notice for gaps. Genuine differences (exempt income, timing) are fine when explained; unexplained gaps look like suppression. Our reconciliation note prevents this entirely.

Export of services is zero-rated under GST (LUT route), and foreign receipts must match FIRCs/bank credits. 44ADA presumptive still applies. We handle freelancer filings with foreign income routinely.

31 July for non-audit cases, 31 October when tax audit applies (audit report by 30 September). Late filing forfeits loss carry-forward and attracts 234F fees — F&O traders with losses should note this especially.