E02: Comparing ITR 3 and ITR 4 Which One is Right for You
04 mins
Choosing the right ITR form between ITR-3 and ITR-4 can be confusing for self-employed individuals in India. ITR-3 caters to businesses and professionals who maintain detailed income and expense records. It's ideal for shopkeepers, consultants, freelancers, etc. ITR-4, on the other hand, simplifies ITR filing for those falling under the presumptive taxation scheme. This scheme estimates income based on business turnover, making it suitable for small businesses with basic records.