--- title: "ITR Filing — Business & Professionals" url: https://www.anukram.in/itr-business.html description: "ITR-3/ITR-4 filing for freelancers, consultants, traders, and businesses at ₹1,499 for AY 2026-27. Presumptive income, P&L, balance sheet. Expert-led service." updated: 2026-10-04 source: Anukram, Hyderabad (anukram.in) license: Free to read, quote and cite with a link to anukram.in. General information, not professional advice. --- Income Tax # ITR Filing — Business & Professionals FY 2025-26 (AY 2026-27). ITR-4 for presumptive income (44AD/44ADA) or ITR-3 for actual accounts. For freelancers, consultants, traders, and proprietorships. Anukram price ₹1,499 Others charge ₹1,999 You save ₹500 [WhatsApp us →](https://wa.me/919631526999?text=Hi+Anurag,+I+need+ITR+filing+for+business+or+professional.) ## Why Business ITR is Different Business and professional income requires more than just salary processing — expenses, GST reconciliation, and the right form selection all matter. 01 ### Claim Business Expenses Office rent, internet, phone, travel, and professional fees are deductible against business income. These deductions reduce your taxable profit significantly. 02 ### Presumptive Income — Simpler Filing Section 44AD (8% of turnover for business) and 44ADA (50% of gross receipts for professionals) allow filing without maintaining detailed books — ideal for small businesses and freelancers. 03 ### GST and Income Tax Reconciliation Income declared in ITR is matched by the IT department against GST returns. We ensure both are consistent — preventing mismatch notices. 04 ### Proper Basis for Loans Business owners need consistent ITR filings to access business loans, MSME credit, and overdraft facilities. A well-prepared ITR strengthens your credit profile. ## Legal Framework Business and professional ITR is governed by specific presumptive income provisions of the Income Tax Act 1961. **Section 44AD — Presumptive Income for Business:** An eligible business (turnover up to ₹3 crore, or ₹3.75 crore for digital receipts above 95%) can declare 8% of turnover (6% for digital turnover) as income without maintaining books of accounts. Filed using ITR-4. **Section 44ADA — Professionals:** Eligible professionals (doctors, lawyers, engineers, architects, consultants, etc.) with gross receipts up to ₹75 lakh can declare 50% of gross receipts as income. No books of accounts required. Filed using ITR-4. **ITR-3:** For businesses and professionals who opt out of presumptive income and maintain actual books. Requires P&L statement, balance sheet, and in some cases, a tax audit if turnover exceeds prescribed limits. ## Filing Process We assess your situation, recommend presumptive or actual accounts, and file the correct ITR form with all reconciliations done. 1 ### Collect Bank Statements and Invoices Full-year bank statements and sales invoices are gathered. For GST-registered businesses, GST returns are also collected for reconciliation. 2 ### Assess: Presumptive or Actual Accounts? We determine if ITR-4 (presumptive) or ITR-3 (actual books) is appropriate based on turnover, nature of business, and whether prior year presumptive was opted. 3 ### Prepare P&L and Balance Sheet (ITR-3) For ITR-3, income and expenses are tabulated, P&L is prepared, and the balance sheet is drafted with assets, liabilities, and capital account. 4 ### Reconcile GST Returns with Income Turnover declared in GST returns (GSTR-1) is reconciled with income to be declared in ITR. Differences are explained and documented. 5 ### Compute Deductions and Tax Liability Eligible deductions (80C, 80D, health insurance for self-employed) are computed along with advance tax obligations and self-assessment tax if due. 6 ### File and Verify ITR filed on the income tax portal and e-verified via Aadhaar OTP or Digital Signature. Acknowledgement sent to your registered email. ## Documents Required More data-intensive than salaried ITR — primarily bank statements, GST returns, and income records. - Bank statements — full year (all business accounts) - GST returns — GSTR-1 and GSTR-3B (if GST registered) - Form 26AS from income tax portal (all TDS deducted) - Sales invoices and revenue records - Major expense bills (rent, professional fees, purchases) - Last year's ITR acknowledgement (ITR-V) - PAN card and Aadhaar card - Income tax portal login credentials ## Timeline Typically 5–7 days depending on data completeness. Deadline: 31st July (non-audit) or 31st October (audit applicable). Day 1–3 Bookkeeping / Data Day 3–5 ITR Preparation Day 5–7 Filed + Verified 31 Jul 2026 Non-Audit Deadline ## Benefits & Risks ### Benefits of Proper Business ITR - Declare actual business income with legal documentary trail - Claim all legitimate business expenses to reduce tax - Consistent ITR filings build credit profile for business loans - GST and income tax reconciled — no department mismatch notices - Presumptive income saves bookkeeping cost for small businesses ### Risks of Not Filing - Underreporting business income attracts 200% penalty u/s 270A - Non-filing despite profit triggers best-judgment assessment by AO - GST and ITR mismatch leads to scrutiny notices - No ITR = no business loans, MSME credit, or overdraft facilities - Late filing fee ₹5,000 + interest u/s 234A/B/C on unpaid tax ## Related Services [ITR for Salaried Individuals₹999](https://www.anukram.in/itr-individual.html) [GST Return Filing ₹799](https://www.anukram.in/gst-return-filing.html) [TDS Return Filing ₹999](https://www.anukram.in/tds-return-filing.html) ## Freelancer, consultant, or business owner? WhatsApp Anurag with your bank statements and GST returns. ITR filed and verified in 5–7 days. [WhatsApp us → ₹1,499 flat](https://wa.me/919631526999?text=Hi+Anurag,+I+need+ITR+filing+for+business+or+professional.) > Anukram professional fee: INR 1,499. Government fees, stamp duty and taxes are extra where applicable. Contact: WhatsApp +91 96315 26999. --- Page: https://www.anukram.in/itr-business.html Contact: WhatsApp +91 96315 26999 | hello@anukram.in | Hyderabad, Telangana, India