About this plan
This plan is specifically designed for taxpayers having income from business or profession, who maintain books of accounts and need assistance with:
Preparation of Profit & Loss Account
Preparation of Balance Sheet
Accurate filing of ITR-3, without undergoing audit
It’s ideal for individuals or sole proprietors whose turnover or professional receipts are within the non-audit limits, but still need full financial reporting in their return.
Services Included
- Review of books and financial data
- Preparation of: Profit & Loss Account Balance Sheet Depreciation Schedule (if applicable)
- Income Tax computation with both the tax Regime.
- Filing of ITR-3 with all financial statements
- Reporting of other income (salary, house property, interest, etc.)
- Deduction claims under Chapter VI-A (80C, 80D, etc.)
- Expert Assisted Tax Filing. | Call 011 45626514
Who Should Buy
How It's Done
This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital.
3 Days Estimate
- Upload Documents on Vault
- Review computation sheet
- Get ITR-V after e-filing
Documents Required
FAQs
What is Business Income?
- Business income refers to the profits earned from trading, manufacturing, or any commercial activity with the intention of making a profit. It includes income from the sale of goods, services, or any systematic activity carried out regularly. It is taxable under the head “Profits and Gains from Business or Profession.”
What is Professional Income?
Professional income is earned by individuals using their intellectual or specialized skills independently. It includes income of doctors, lawyers, chartered accountants, architects, consultants, etc. It is also taxed under the head “Profits and Gains from Business or Profession.”
I have income from business/profession and need to prepare a Balance Sheet and Profit & Loss Account. Is this mandatory?
Yes, if you are not opting for presumptive taxation and your turnover/receipts exceed basic limits (e.g. ₹25L+ for professionals or ₹50L+ for businesses), you are required to prepare financial statements, i.e., Balance Sheet and P&L account.
My business turnover is not audited. Can I still file ITR with a Balance Sheet and P&L?
Yes. If your turnover or professional receipts are below the audit threshold, you can file ITR without an audit but with financial statements, as long as you maintain proper records.
Which ITR form should I use if I have a Balance Sheet and P&L but no audit?
You should file ITR-3, which is meant for individuals having income from business or profession with financial statements, irrespective of audit applicability.
What is income from house property and how is it taxed?
Income from House Property is possible in these Exper:
- Rental Income on a let out property
- Annual Value of a property which is deemedâ?? to be let out for income tax purposes ( when you own more than one house property)
- Annual Value of the property which is self occupied, which is Nil
- Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil. Read more about House property income and its taxation Here
I also have a salary income below ₹1 crore. Can I include it with my business income?
Yes, all incomes—salary, business/profession, house property, interest, and exempt income—can be included in the same return (ITR-3 in this case).
Do I need to submit my Balance Sheet and P&L account with the ITR?
Yes. In ITR-3, certain financial details from the Balance Sheet and P&L are to be filled in the relevant schedules of the return. However, the actual scanned statements are not uploaded; only figures are entered.
I have interest income from savings and FDs. Should I report this too?
Yes, interest from FDs is fully taxable, and savings account interest is taxable after exemption of ₹10,000 under Section 80TTA (₹50,000 under 80TTB for senior citizens).
I own one house property. How is rental income treated in the ITR?
Income from one house property must be declared. You can claim standard deduction @30%, municipal taxes paid, and home loan interest (if applicable) under Section 24(b).
Are Audit and Financial statements preparation covered in the plan?
Audit & preparation of financial statements is not part of the plan.
Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
What is the cancellation / refund policy?
Refund is applicable only if no Experthas been assigned on the Expert’se, for detailed policy please visit our terms of use
If audit is not included, how do I know whether I’m required to get audited later?
You must get audited only if:
- Your turnover exceeds ₹1 crore (or ₹10 crore if 95% receipts are digital), or
- You’re in profession and receipts exceed ₹50 lakh, or
- You declare lower-than-prescribed profit under presumptive scheme.
If none of these apply audit is not mandatory.
What if I fail to maintain financial records despite not being under audit?
Maintaining basic books and records is still mandatory under Section 44AA, and failure may result in penalty under Section 271A.