Any income earned by a taxpayer with the intention to earn a profit is covered under the head of business and profession.


Business and Profession income can be added on Quicko as:


Regular / Presumptive Business Income 

A business like trading, manufacturing, services, etc, whose turnover is more than Rs. 2 crores or maintains regular books of accounts shall opt for the regular taxation scheme. However, if the turnover is up to 2 core, presumptive or regular taxation schemes can be opted for. 


  • Navigate to Filing > INCOMES > BUSINESS & PROFESSION from the side nav
  • Choose Business Type 
    • Regular Business Income
    • Business Income u/s 44AD (Presumptive)
  • Enter the Business Details
    • Name
    • Description
    • Nature & Category of the Business
  • Enter Income Details
  • Click on Save


To add Business Expenses (Only for Regular Taxation Scheme)

  • Under the Your Business tab, click on Turnover or Profit/Loss
  • Navigate to Expenses
  • Click on Add  
  • Add your Expenses 
  • Click on Save


To Prepare the Balance Sheet (Only for Regular Taxation Scheme) 

  • From Summary Screen navigate to Financials
  • Click on Prepare Your Balance Sheet
  • Add Assets and Liabilities
  • Click on Save


To Claim Depreciation (Only for Regular Taxation Scheme) 

  • From Summary Screen navigate to Assets and scroll down
  • Click on Add Fixed Assets 
  • Add details of your Fixed Assets
  • Click on Save


Here's a list of codes for various business & profession


Regular / Presumptive Profession Income

For professionals having gross revenue exceeding Rs. 50 Lakhs or maintain regular books of accounts shall opt to be taxed regularly. However, if the gross revenue of up to Rs. 50 lakhs, presumptive or regular taxation schemes can be opted for.


  • Navigate to Filing > INCOMES > BUSINESS & PROFESSION from the side nav
  • Choose Profession Type 
    • Regular Profession Income
    • Profession Income u/s 44ADA (Presumptive)    
  • Enter the Profession Details
    • Name
    • Description 
    • Nature & Category of the Profession
  • Enter the Income Details
  • Click on Save


To add Profession Expenses (Only for Regular Taxation Scheme) 

  • Under the Your Business tab, click on Turnover or Profit/Loss
  • Navigate to Expenses
  • Click on Add  
  • Add your Expenses 
  • Click on Save


Note: 
Business and Profession related expenses cannot be claimed if opted for the presumptive taxation scheme.