As a professional, the form applicable to you is form ITR3. You will be liable to pay your return before 31st July of the Assessment year unless you are subject to an Audit under the Income-Tax Act.
You would be liable for carrying out tax audit if your gross revenue from profession exceeds Rs 25 Lakhs during any given financial year.
Failure to get your books audited can attract a penalty of upto 0.5% of your gross revenue or Rs 1.5 Lakhs whichever is lower. A professional having a gross revenue upto Rs 50 Lakhs can opt for the presumptive scheme of tax wherein he can straightaway offer 50% of the gross revenue as his taxable income and pay taxes as per his slab rates on such income.
Once he opts for this scheme, he cannot claim any of the profession related expenses as deduction again.
Once he opts for this scheme, he cannot claim any of the profession related expenses as a deduction again.
Further, anyone opting for this scheme is not bound by the mandate of maintaining books of accounts too. While he is also liable to file his return by 31 July of the assessment year, he must file his return in ITR 4. Further, he will be liable for tax audit in a scenario where he offers income lesser than the income arrived at on presumptive basis and also his income exceeds the basic exemption limit.