{"id":15289,"date":"2025-06-04T15:51:51","date_gmt":"2025-06-04T10:21:51","guid":{"rendered":"https:\/\/blog.bosswallah.ai\/?p=15289"},"modified":"2025-09-08T19:13:56","modified_gmt":"2025-09-08T13:43:56","slug":"itr-for-business-income","status":"publish","type":"post","link":"https:\/\/bosswallah.ai\/blog\/finance\/itr-for-business-income\/","title":{"rendered":"ITR for Business Income: Key Changes and Updates for FY 2024-25 Tax Filing"},"content":{"rendered":"\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2>Table of contents<\/h2><ul><li><a href=\"#h-what-is-business-income\" data-level=\"2\">What is Business Income?<\/a><\/li><li><a href=\"#h-itr-forms-for-business-income-fy-2024-25\" data-level=\"2\">ITR Forms for Business Income (FY 2024-25)<\/a><\/li><li><a href=\"#h-key-changes-in-itr-for-business-income-in-fy-2024-25\" data-level=\"2\">Key Changes in ITR for Business Income in FY 2024-25<\/a><\/li><li><a href=\"#h-how-to-file-itr-for-business-income\" data-level=\"2\">How to File ITR for Business Income<\/a><\/li><li><a href=\"#h-tax-slabs-for-business-income-fy-2024-25\" data-level=\"2\">Tax Slabs for Business Income (FY 2024-25)<\/a><\/li><li><a href=\"#h-important-deductions-for-business-income\" data-level=\"2\">Important Deductions for Business Income<\/a><\/li><li><a href=\"#h-presumptive-taxation-quick-summary\" data-level=\"2\">Presumptive Taxation: Quick Summary<\/a><\/li><li><a href=\"#h-benefits-of-filing-itr-for-business-income\" data-level=\"2\">Benefits of Filing ITR for Business Income<\/a><\/li><li><a href=\"#h-common-mistakes-to-avoid\" data-level=\"2\">Common Mistakes to Avoid<\/a><\/li><li><a href=\"#h-pro-tips-for-smooth-tax-filing\" data-level=\"2\">Pro Tips for Smooth Tax Filing<\/a><\/li><li><a href=\"#h-conclusion\" data-level=\"2\">Conclusion<\/a><\/li><li><a href=\"#h-frequently-asked-questions-faqs\" data-level=\"2\">Frequently Asked Questions (FAQs)<\/a><\/li><\/ul><\/div>\n\n\n\n<p>Filing Income Tax Returns (ITR) is crucial for anyone earning from a business in India. For Financial Year (FY) 2024-25, the Income Tax Department has introduced new changes to streamline and simplify the process for business owners. Whether you&#8217;re a freelancer, MSME, or large enterprise, understanding how to file your <strong>ITR for business income<\/strong> correctly will help you stay compliant and avoid penalties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-e72bc993fd6cc53f83da435b9dbceaa5\" id=\"h-what-is-business-income\" style=\"color:#f15f22\"><strong>What is Business Income?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"650\" height=\"250\" src=\"https:\/\/i0.wp.com\/blog.bosswallah.ai\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1.png?resize=650%2C250&#038;ssl=1\" alt=\"\" class=\"wp-image-15292\" style=\"width:840px;height:auto\" srcset=\"https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1.png?w=650&amp;ssl=1 650w, https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1.png?resize=300%2C115&amp;ssl=1 300w, https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1.png?resize=585%2C225&amp;ssl=1 585w, https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1.png?resize=150%2C58&amp;ssl=1 150w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><figcaption class=\"wp-element-caption\"><strong><em>(Source &#8211; Freepik)<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n<p>Business income is any profit or gain earned from any trade, commerce, manufacturing, or professional services. It is categorised under <strong>&#8220;Profits and Gains from Business or Profession&#8221;<\/strong> in the Income Tax Act, 1961.<\/p>\n\n\n\n<p><strong>Common Sources of Business Income:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sale of goods or services<\/li>\n\n\n\n<li>Freelancing or consultancy<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/blog.bosswallah.ai\/small-scale-manufacturing-business-ideas\/\" target=\"_blank\" rel=\"noreferrer noopener\">Manufacturing<\/a><\/strong> and <strong><a href=\"https:\/\/blog.bosswallah.ai\/10-profitable-home-based-production-business-ideas\/\" target=\"_blank\" rel=\"noreferrer noopener\">production<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/blog.bosswallah.ai\/50-best-import-export-business-name-ideas\/\" target=\"_blank\" rel=\"noreferrer noopener\">Export and import businesses<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/blog.bosswallah.ai\/best-online-business-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">Online businesses<\/a><\/strong> like <strong><a href=\"https:\/\/blog.bosswallah.ai\/is-dropshipping-profitable-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">dropshipping<\/a><\/strong> or <strong><a href=\"https:\/\/blog.bosswallah.ai\/flipkart-affiliate-marketing\/\" target=\"_blank\" rel=\"noreferrer noopener\">affiliate marketing<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-bb33548b6ae852fcfccbe6f1ceae845d\" id=\"h-itr-forms-for-business-income-fy-2024-25\" style=\"color:#f15f22\"><strong>ITR Forms for Business Income (FY 2024-25)<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>ITR Form<\/strong><\/th><th><strong>Who Should Use<\/strong><\/th><th><strong>Nature of Business<\/strong><\/th><\/tr><\/thead><tbody><tr><td>ITR-3<\/td><td>Individuals\/HUFs with income from business\/profession<\/td><td>Proprietorship or professional services<\/td><\/tr><tr><td>ITR-4 (Sugam)<\/td><td>Presumptive income taxpayers under Sections 44AD, 44ADA, 44AE<\/td><td>Small businesses and professionals<\/td><\/tr><tr><td>ITR-5<\/td><td>Partnership firms, LLPs, AOPs<\/td><td>All types of businesses<\/td><\/tr><tr><td>ITR-6<\/td><td>Companies (other than those claiming exemption under Section 11)<\/td><td>Private or public companies<\/td><\/tr><tr><td>ITR-7<\/td><td>Trusts, NGOs, political parties<\/td><td>Income under charitable or specified categories<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><strong>\ud83d\udca1 Pro Tip:<\/strong>\u00a0If you want to start a\u00a0<a href=\"https:\/\/blog.bosswallah.ai\/business\"><strong>Business<\/strong><\/a>\u00a0but have too many doubts, connect with a Business expert from Boss Wallah for guidance \u2013\u00a0<a href=\"https:\/\/bw1.in\/1116\"><strong>Check Out<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-64295fd10bc790d69fcdbad9ba2034f2\" id=\"h-key-changes-in-itr-for-business-income-in-fy-2024-25\" style=\"color:#f15f22\"><strong>Key Changes in ITR for Business Income in FY 2024-25<\/strong><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\ud83d\udd14 Noteworthy Update:<\/strong> PAN and Aadhaar are now <em>mandatory<\/em> for business owners to file ITR.<\/p>\n<\/blockquote>\n\n\n\n<p><strong>Latest Changes:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>New tax regime default:<\/strong> ITR forms now default to the <em>new tax regime<\/em> unless opted otherwise.<\/li>\n\n\n\n<li><strong>Reporting of digital assets:<\/strong> Disclosure of income from crypto, NFTs, or digital currencies is now mandatory.<\/li>\n\n\n\n<li><strong>GST-linked reporting:<\/strong> Cross-verification with GST filings has been strengthened.<\/li>\n\n\n\n<li><strong>Changes in presumptive taxation thresholds:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Section 44AD (business): Limit raised to \u20b93 crore (if cash receipts \u2264 5%)<\/li>\n\n\n\n<li>Section 44ADA (professionals): Limit raised to \u20b975 lakh<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-634514fa24012c669a382485ed0cff05\" id=\"h-how-to-file-itr-for-business-income\" style=\"color:#f15f22\"><strong>How to File ITR for Business Income<\/strong><\/h2>\n\n\n\n<p><strong>Step-by-Step Filing Process:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Collect All Financial Documents<\/strong>\n<ul class=\"wp-block-list\">\n<li>Profit &amp; Loss Account<\/li>\n\n\n\n<li>Balance Sheet<\/li>\n\n\n\n<li>GST Returns<\/li>\n\n\n\n<li>TDS Certificates (Form 16A)<\/li>\n\n\n\n<li>Bank Statements<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Choose the Correct ITR Form<\/strong>\n<ul class=\"wp-block-list\">\n<li>Use ITR-3 for regular businesses<\/li>\n\n\n\n<li>Use ITR-4 for presumptive scheme under Section 44AD\/ADA<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Log in to the Income Tax e-filing Portal<\/strong>\n<ul class=\"wp-block-list\">\n<li>Visit <a href=\"https:\/\/www.incometax.gov.in\" target=\"_blank\" rel=\"noreferrer noopener\">&#8211; website<\/a><\/li>\n\n\n\n<li>Use PAN-linked credentials to access your account<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Fill the ITR Form<\/strong>\n<ul class=\"wp-block-list\">\n<li>Auto-populated data from AIS\/TIS<\/li>\n\n\n\n<li>Manually verify profit, depreciation, and expense details<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Declare Presumptive Income (if applicable)<\/strong>\n<ul class=\"wp-block-list\">\n<li>Declare 6% or 8% of total turnover (Section 44AD)<\/li>\n\n\n\n<li>Declare 50% of gross receipts (Section 44ADA)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Pay Self-Assessment Tax (if any)<\/strong>\n<ul class=\"wp-block-list\">\n<li>Use Challan 280 to pay dues<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Submit and e-Verify<\/strong>\n<ul class=\"wp-block-list\">\n<li>E-verify using Aadhaar OTP, Netbanking, or DSC<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-a2fdd155ba94e77a72e6177aeddc286a\" id=\"h-tax-slabs-for-business-income-fy-2024-25\" style=\"color:#f15f22\"><strong>Tax Slabs for Business Income (FY 2024-25)<\/strong><\/h2>\n\n\n\n<p><strong>For Individuals and HUFs (under New Regime):<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Annual Income<\/strong><\/th><th><strong>Tax Rate<\/strong><\/th><\/tr><\/thead><tbody><tr><td>\u20b90 \u2013 \u20b93,00,000<\/td><td>0%<\/td><\/tr><tr><td>\u20b93,00,001 \u2013 \u20b96,00,000<\/td><td>5%<\/td><\/tr><tr><td>\u20b96,00,001 \u2013 \u20b99,00,000<\/td><td>10%<\/td><\/tr><tr><td>\u20b99,00,001 \u2013 \u20b912,00,000<\/td><td>15%<\/td><\/tr><tr><td>\u20b912,00,001 \u2013 \u20b915,00,000<\/td><td>20%<\/td><\/tr><tr><td>Above \u20b915,00,000<\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Note: Businesses can also opt for the <strong>Old Regime<\/strong> if they claim deductions like Section 80C, 80D, depreciation, etc.<\/em><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/blog.bosswallah.ai\/business-income-tax-slab-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">ALSO READ | Business Income Tax Slab in India: FY 2024-25 Rates for All Business Types<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-aca6e588e573fb2c58f3652f9492c0eb\" id=\"h-important-deductions-for-business-income\" style=\"color:#f15f22\"><strong>Important Deductions for Business Income<\/strong><\/h2>\n\n\n\n<p><strong>Eligible Business Expenses:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rent of business premises<\/li>\n\n\n\n<li>Salaries and wages<\/li>\n\n\n\n<li>Depreciation on assets<\/li>\n\n\n\n<li>Electricity and telephone bills<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/blog.bosswallah.ai\/is-digital-marketing-a-good-career\/\" target=\"_blank\" rel=\"noreferrer noopener\">Advertising &amp; marketing<\/a><\/strong> costs<\/li>\n\n\n\n<li>Interest on business loans<\/li>\n<\/ul>\n\n\n\n<p><strong>Key Sections:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Section 35<\/strong>: Expenditure on scientific research<\/li>\n\n\n\n<li><strong>Section 36<\/strong>: Insurance premiums, bonus to employees<\/li>\n\n\n\n<li><strong>Section 37<\/strong>: General business expenditures<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-b6ef3e2ebbe1e5a804973a0aee5c2802\" id=\"h-presumptive-taxation-quick-summary\" style=\"color:#f15f22\"><strong>Presumptive Taxation: Quick Summary<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Section<\/strong><\/th><th><strong>Applicable To<\/strong><\/th><th><strong>Income Presumed<\/strong><\/th><th><strong>Limit<\/strong><\/th><\/tr><\/thead><tbody><tr><td>44AD<\/td><td><strong><a href=\"https:\/\/blog.bosswallah.ai\/branding-for-small-businesses-build-your-name-build-your-brand\/\" target=\"_blank\" rel=\"noreferrer noopener\">Small Businesses<\/a><\/strong><\/td><td>6%-8% of turnover<\/td><td>\u20b93 crore<\/td><\/tr><tr><td>44ADA<\/td><td>Professionals<\/td><td>50% of receipts<\/td><td>\u20b975 lakh<\/td><\/tr><tr><td>44AE<\/td><td>Transporters<\/td><td>\u20b97,500 per vehicle\/month<\/td><td>As per vehicle limit<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><strong><a href=\"https:\/\/blog.bosswallah.ai\/income-from-business-and-profession\/\" target=\"_blank\" rel=\"noreferrer noopener\">ALSO READ | Income from Business and Profession: Decoding Section 28 of the Income Tax Act<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-2e40d0f33e447455c6150ab3f6eec9ae\" id=\"h-benefits-of-filing-itr-for-business-income\" style=\"color:#f15f22\"><strong>Benefits of Filing ITR for Business Income<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"650\" height=\"250\" src=\"https:\/\/i0.wp.com\/blog.bosswallah.ai\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1-1.png?resize=650%2C250&#038;ssl=1\" alt=\"\" class=\"wp-image-15295\" style=\"width:840px;height:auto\" srcset=\"https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1-1.png?w=650&amp;ssl=1 650w, https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1-1.png?resize=300%2C115&amp;ssl=1 300w, https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1-1.png?resize=585%2C225&amp;ssl=1 585w, https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-1-1.png?resize=150%2C58&amp;ssl=1 150w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><figcaption class=\"wp-element-caption\"><strong><em>(Source &#8211; Freepik)<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Easy access to business loans and credit<\/li>\n\n\n\n<li>Helps in GST refunds and compliance<\/li>\n\n\n\n<li>Avoids late fees (\u20b91,000 to \u20b95,000 under Section 234F)<\/li>\n\n\n\n<li>Builds credibility for vendors and investors<\/li>\n\n\n\n<li>Required for government tenders and contracts<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-36fdc35719e903496ce03a76467b6a18\" id=\"h-common-mistakes-to-avoid\" style=\"color:#f15f22\"><strong>Common Mistakes to Avoid<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Using the wrong ITR form<\/li>\n\n\n\n<li>Missing out on e-verification<\/li>\n\n\n\n<li>Incorrect disclosure of digital income<\/li>\n\n\n\n<li>Not reporting cash transactions<\/li>\n\n\n\n<li>Failing to reconcile with GST returns<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-b5bf0160a9805b73501ac8e5cef45fcc\" id=\"h-pro-tips-for-smooth-tax-filing\" style=\"color:#f15f22\"><strong>Pro Tips for Smooth Tax Filing<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maintain <strong>digital records<\/strong> of all expenses and sales.<\/li>\n\n\n\n<li>Regularly <strong>reconcile books<\/strong> with <strong><a href=\"https:\/\/www.gst.gov.in\/\" target=\"_blank\" rel=\"noreferrer noopener\">GST<\/a><\/strong> and bank statements.<\/li>\n\n\n\n<li>Use <strong>professional accounting software<\/strong> or consult a CA.<\/li>\n\n\n\n<li>File before <strong>July 31, 2025,<\/strong> to avoid penalties.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-color has-link-color has-large-font-size wp-elements-ba6f2952147846d6d045f4b34ccf8d68\" style=\"color:#f15f22\"><strong>Need Expert Guidance?<\/strong><\/p>\n\n\n\n<p>Starting a business can be challenging, but you don\u2019t have to do it alone! At Boss Wallah, our 2,000+ business experts are ready to provide valuable insights and guidance. Whether you need help with marketing, finance, sourcing, or any other area of your business,&nbsp;<a href=\"https:\/\/bw1.in\/1116\"><strong>our business experts are here to help you succeed<\/strong><\/a><\/p>\n\n\n\n<p><strong>Confused about Which Business to Start?<\/strong><strong><br><\/strong>Want to start your own business but unsure which one to choose? Explore Boss Wallah, where you\u2019ll find 500+ courses by successful business owners, featuring practical, step-by-step guides on starting and growing various businesses.<br><a href=\"https:\/\/bw1.in\/1111\"><strong>Find your perfect business idea today<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-163d2aabad3f8484931a5f2db8035970\" id=\"h-conclusion\" style=\"color:#f15f22\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>Filing <strong>ITR for business income<\/strong> in FY 2024-25 has become more tech-friendly and transparent, especially with new digital disclosures and presumptive scheme updates. Staying informed, keeping proper records, and filing timely returns will save you from legal trouble and help your business grow financially.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-25acb11468cd0c54ef4f6cd0e629c7f1\" id=\"h-frequently-asked-questions-faqs\" style=\"color:#f15f22\"><strong>Frequently Asked Questions (FAQs)<\/strong><\/h2>\n\n\n\n<p><strong>1. What is considered business income in India?<\/strong><br>Any income from trade, commerce, manufacturing, freelancing, or professional services is treated as business income.<\/p>\n\n\n\n<p><strong>2. Which ITR form is for proprietorship businesses?<\/strong><br>ITR-3 is used for proprietorships with regular accounting; ITR-4 is for those under presumptive taxation.<\/p>\n\n\n\n<p><strong>3. Can I file ITR without GST registration?<\/strong><br>Yes, if your turnover is below the GST threshold (\u20b940 lakh for goods, \u20b920 lakh for services).<\/p>\n\n\n\n<p><strong>4. What is the last date to file ITR for FY 2024-25?<\/strong><br>The due date is <strong>July 31, 2025,<\/strong> for individuals and non-audit businesses.<\/p>\n\n\n\n<p><strong>5. Is it compulsory to file ITR if I have business losses?<\/strong><br>Yes, to carry forward and set off losses, you must file ITR before the due date.<\/p>\n\n\n\n<p><strong>6. Can I switch between old and new tax regimes every year?<\/strong><br>Yes, individual taxpayers (non-business) can switch every year. Businesses can switch once.<\/p>\n\n\n\n<p><strong>7. What is the penalty for not filing ITR on time?<\/strong><br>Up to \u20b95,000 under Section 234F, depending on your income.<\/p>\n\n\n\n<p><strong>8. Do I need a CA to file a business ITR?<\/strong><br>Not necessarily. You can file yourself using online portals, but a CA helps if your accounts are complex.<\/p>\n\n\n\n<p><strong>9. Are digital currency gains taxable under business income?<\/strong><br>Yes, if trading is frequent or business-like in nature.<\/p>\n\n\n\n<p><strong>10. What is the presumptive scheme benefit?<\/strong><br>It allows small businesses and professionals to pay tax on estimated profits, reducing the need for detailed books.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to file ITR for business income in FY 2024-25. Discover key changes, income types, simplified forms, and compliance tips. Ideal for small and big business owners.<\/p>\n","protected":false},"author":4,"featured_media":15290,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1169,1139],"tags":[897,289,543,859,851],"class_list":["post-15289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance","tag-boss-wallah","tag-business","tag-entrepreneurship","tag-india","tag-money"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/bosswallah.ai\/blog\/wp-content\/uploads\/2025\/06\/ITR-for-Business-Income-bg.webp?fit=1280%2C720&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/pgRBPN-3YB","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/posts\/15289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/comments?post=15289"}],"version-history":[{"count":1,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/posts\/15289\/revisions"}],"predecessor-version":[{"id":15296,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/posts\/15289\/revisions\/15296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/media\/15290"}],"wp:attachment":[{"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/media?parent=15289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/categories?post=15289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bosswallah.ai\/blog\/wp-json\/wp\/v2\/tags?post=15289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}