Applicable ITR Form for Architect
The Applicable ITR Form for Architect generally relies on the specific characteristics of their earnings and the manner in which their business structured.
Architects can have income from various sources such as professional fees, consultancy services, and potentially rental income or capital gains if they have property investments.
The two most common ITR forms that might apply to architects are:
1. ITR-3:
This form used by individuals or Hindu Undivided Families (HUFs) who have income from a proprietary business or profession.
If the architect operates as a sole proprietor and earns income from architectural services, they would likely use this form.
It’s suitable for individuals with income from a profession including income received under the head “”Profits or Gains of Business or Profession””.
2. ITR-4 (Sugam):
If the architect’s income is from a profession and they have opted for the presumptive taxation scheme under Section 44ADA of the Income Tax Act, they may use ITR-4.
This form is applicable to individuals, HUFs, and firms (other than LLPs) having income from a profession.
Under the presumptive scheme, a flat percentage of the gross receipts considered as income and taxed accordingly.
It’s important for the architect to carefully assess their sources of income, business structure, and any other applicable provisions of the Income Tax Act to determine the exact ITR form they should use.
Consulting with a qualified tax professional or chartered accountant is recommended to ensure accurate and compliant filing.
To visit: https://www.mca.gov.in/
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