SHARMA & ASSOCIATES

Who Should File:

• Individuals, Hindu Undivided Families (HUFs), and businesses (including professionals) who have opted for the
• Presumptive Taxation Scheme under section 44AD, 44ADA, or 44AE.
• Professionals like doctors, lawyers, etc., and small businesses with turnover up to ₹2 crore (under 44AD) or ₹50 lakh (under 44ADA).

Types of Income:

• Income from business or profession under the presumptive taxation scheme.
• Income from salary, house property, and other sources.

Exclusions:

• Individuals or HUFs with income exceeding the thresholds under the presumptive taxation schemes must file ITR-3 instead.