Demand cut from ₹10,050 to ₹1,310
TaxSavvy for business ITR
Business owner? Books to ITR, one CA, one fee.
We close your books, check audit need and file the business return.
If you wait: Audit missed: ₹75,000 fee, ₹1.5 lakh after a month (Sec 428(c), old 271B)
How we get it done
Four steps, the same for every job. You see each one ticked.
Information
PAN (business and owners). Aadhaar of owners / directors
Discussion
Presumptive eligible? Better?. Tax audit needed?
Forms
Computation. ITR filing and e-verification
Deliverables
ITR acknowledgement + computation
See what you get, free
Real formats, made with dummy data.
Sample Sample ₹30,700 leaking every month
Sample Books from your bank statement
13 bank lines, books balanced
Questions, answered the CA way
Facts, Provisions and law, Analysis, Conclusion.
Which ITR Form to File
- Facts
- Selecting the correct ITR form is the most common source of defective return notices. Wrong form = return treated as invalid.
- Provisions and law
- Sec 263(1) (old 139(1)); Rule 164 (old Rule 12); Sec 263(7) (old 139(9)); CBDT Notif
- Analysis
- ITR-1 (Sahaj): Salary from one employer + FD interest + one house property. Income below ₹50L. Cannot have capital gains, business income, or foreign assets. ITR-2: Salary from multiple employers, capital gains (MF/shares/property), foreign income, more than one house property, director in company, unlisted shares. ITR-3: Business or profession income + any other income. Partnership firms also use ITR-3 equivalent. F&O traders must use ITR-3. ITR-4 (Sugam): Presumptive income under Sec 58, Income-tax Act 2025 (old Sec 44AD; business, ₹3Cr limit), Sec 58 (old Sec 44ADA; professionals, ₹75L limit), Sec 58 (old Sec 44AE; transport). Cannot have capital gains or foreign assets. ITR-5: Partnership firms, LLPs, AOPs, BOIs, not for individuals. ITR-6: Companies (not claiming 11/12 exemption). ITR-7: Trusts, political parties, research associations.
- Conclusion
- Identify ALL income sources for the year, salary, FD interest, MF redemptions, property sale, freelance
- Download AIS, check if any income shown that you did not know about
- Check if you are director in any company or hold unlisted shares (ITR-2 mandatory if yes)
- Check if F&O trading happened during year (ITR-3 mandatory)
Freelancer ITR: ITR-3 vs ITR-4, and Section 58 (old 44ADA)
- Facts
- Freelancers and independent professionals have two ITR routes. ITR-4 with Section 58, Income-tax Act 2025 (old Sec 44ADA; presumptive): declare 50% of gross receipts as income, pay tax on that, file a simple return, no books of accounts needed. ITR-3 with actual books: claim all real expenses, potentially lower taxable income but requires proper accounting. The choice saves or costs ₹50,000-₹2,00,000 per year depending on actual expense ratio.
- Provisions and law
- Sec 58 (old 44ADA); Specified professions; Sec 58 (old 44ADA(4)); Sec 63 (old 44AB); Sec 62 (old 44AA)
- Analysis
- Sec 58 (old Sec 44ADA) vs actual books, the calculation: Gross receipts ₹18L/year. Actual expenses: laptop ₹1.2L, internet ₹36K, software ₹60K, travel ₹80K, co-working ₹1.2L. Total actual expenses ₹3.96L. Actual profit = ₹18L − ₹3.96L = ₹14.04L. Under Sec 58 (old Sec 44ADA): taxable income = 50% × ₹18L = ₹9L. Tax on ₹9L vs ₹14.04L = significant difference. Sec 58 (old Sec 44ADA) gives ₹9L taxable income. Actual gives ₹14.04L. Sec 58 (old Sec 44ADA) WINS here, even with expenses, actual income is higher than 50%. Always compute both. When actual books (ITR-3) wins: If your real expenses are > 50% of receipts: ITR-3 with actual books gives lower taxable income. Example: receipt ₹20L, actual expenses ₹12L → profit ₹8L. Sec 58 (old Sec 44ADA): 50% × ₹20L = ₹10L taxable. ITR-3 actual: ₹8L taxable. ITR-3 wins. Break-even: if expenses > 50% of receipts → go actual. If expenses < 50% → Sec 58 (old Sec 44ADA) wins (simpler too). Who qualifies for Sec 58 (old Sec 44ADA): "Specified profession" list is exhaustive.
- Conclusion
- Check: is your profession in the Sec 58 (old Sec 44ADA) specified list? Legal, medical, engineer, architect, CA, technical consultant?
- Check: gross receipts ≤ ₹75L AND ≥ 95% received via banking/digital (for extended threshold)
- Compute both: 50% of gross receipts (Sec 58, old Sec 44ADA) vs actual receipts − actual expenses (ITR-3)
- If Sec 58 (old Sec 44ADA) gives lower income: use ITR-4 with Sec 58 (old Sec 44ADA), simpler, no books needed
Schedule FA, Foreign Asset Disclosure in ITR: What, When, How
- Facts
- Every ROR (Resident Ordinarily Resident) must disclose ALL foreign assets in Schedule FA of their ITR, bank accounts, property, shares, ESOPs, signing authority. Missing even one account: Black Money Act. Penalty: ₹10L per undisclosed asset. No time limit for IT to reopen. This is the one compliance you cannot skip.
- Provisions and law
- Black Money Act 2015; Schedule FA, ITR-2/3; FATCA / CRS; Sec 263 (old 139), mandatory filing
- Analysis
- FATCA is real and it works: Indian IT department receives automatic data from USA, UK, Canada, Australia, UAE (from 2024), Singapore, and 100+ countries annually. Foreign banks report Indian customers. If you haven't disclosed: IT already knows. What must be disclosed: Any bank account where you are owner OR signing authority. ESOPs of foreign company (even unvested, even zero value). Foreign property. Shares in foreign company (even a startup equity grant worth $1). Trust as beneficiary. What details are needed: For each bank account: peak balance during year (highest balance on any single day), closing balance (March 31), interest earned, account number, SWIFT/IBAN, country. For ESOPs: company name, number of shares, acquisition date, cost, value.
- Conclusion
- List every foreign bank account (checking, savings, FD, brokerage), include closed ones (peak balance year still needed)
- List all foreign property: residential, commercial, land
- List all ESOPs/RSUs from foreign company employers, even unvested
- List signing authority in any foreign entity (director, trustee, authorized signatory)
ITR for HNI: what Schedule AL requires and why it matters
- Facts
- Individuals with income above ₹50L must file Schedule AL (Assets and Liabilities) in their ITR. This discloses all assets, immovable property, financial assets, jewellery, vehicles, and liabilities.
- Provisions and law
- IT Act, Sec 263 (old 139) | ITR-2/3 Schedule AL
- Analysis
- What to include: All property at cost of acquisition (not market value). Listed investments at cost. Unlisted equity at cost. Bank deposits balance as of March 31. Gold and jewellery at cost. Loans taken. Why it matters: Schedule AL is now cross-referenced with property registration data, banking data, and MCA filings. Significant discrepancies between listed assets and known transactions trigger notices. Under-reporting assets in Schedule AL is as dangerous as under-reporting income.
Business owner? Books to ITR, one CA, one fee.
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