ITR Forms for Professionals
Doctors, lawyers, architects, and freelance tech consultants often fall under specific tax brackets and have the option to use the Presumptive Taxation Scheme.
Section 44ADA
Under Section 44ADA, professionals with gross receipts up to 50 Lakhs (or 75 Lakhs under new rules if cash receipts are minimal) can declare 50% of their gross receipts as income. This drastically simplifies bookkeeping and tax filing.
For professionals opting for this scheme, ITR-4 (Sugam) is the appropriate form. If you choose to maintain regular books of accounts and declare profits lower than 50%, you must use ITR-3 and get your accounts audited.
