There are two types of return which are to be filed by a professional, either ITR 4 if he chooses
for the maintenance and audit of accounts else ITR 4S if he does not choose the same. So, if you are
maintaining your books of accounts and getting your accounts audited then you need to file ITR-4
else you have to file ITR 4S using a presumptive source of income.
The last date for filing the business and profession income return is normally 31st July of the
Assessment Year but if you are required to get your accounts audited, then the last date for filing
of return of income is 30th September of Assessment Year.
If you are engaged in a specified profession(specified in Q4), then you need to maintain the books
of accounts if your gross receipts exceed Rs. 1,50,000 in all the three years immediately preceding
the previous year or if you are going to start a new business then gross receipts are likely to
exceed Rs.1,50,000.
Specified Professions include legal, medical, engineering, architectural, accountancy, technical,
interior decoration, film artists, company secretary, information technology, and authorized
representative profession.
You can opt for a presumptive source of income if your turnover or gross receipts is within the
specified limits(given in Q6), or if you are engaged in a business of plying, hiring, or leasing of
goods/carriages, then you can opt for a presumptive source of income.
You are required to get your accounts audited if your turnover or gross receipts exceeds Rs. 2
Cr.(in case of Business) and Rs. 50 lakhs(in case of the profession).
You have to maintain books of accounts and get your accounts audited if you do not opt for a
presumptive source of income, though eligible.