Steps to Report Business Income under Section 44AD

1. Navigate to File > Business & Profession > Add Business
2. Select your Type of Business
3. Choose the taxation scheme – Presumptive Taxation under Section 44AD
4. Provide Business Details – Nature of business and business address
5. Enter Bank Revenue – Gross turnover and presumptive income (6% of turnover or actual profit, whichever is higher)
6. Enter Cash Revenue (if applicable) – Gross cash turnover and presumptive income (8% or actual profit, whichever is higher)
7. Click Save, then proceed to Add Assets & Liabilities

Steps to Report Professional Income under Section 44ADA

1. Go to File > Business & Profession > Profession
2. Click on Add Profession
3. Choose the taxation scheme – Presumptive Taxation under Section 44ADA
4. Enter Profession Details – Category of profession and address
5. Enter Bank Receipts – Gross receipts and presumptive income (50% of receipts or actual profit, whichever is higher)
6. Enter Cash Receipts (if applicable) – Report cash receipts and income (50% or actual profit)
7. Click Save, then proceed to Add Assets & Liabilities

Steps to Add Assets & Liabilities

1. Click on the Assets & Liabilities section
2. Enter Assets – Include fixed assets, investments, current assets, etc.
3. Enter Liabilities – Include reserves, non-current, and current liabilities
4. Click Save once all details are filled in

Once everything is added, view a complete summary of your:

• Taxable income
• Profit & Loss (P&L) statement
• Balance sheet

Right from the Summary tab!