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


Business & Profession include:

  • Trade

  • Commerce

  • Manufacturing

  • Even rendering services to others is considered a business

  • Legal

  • Medical

  • Engineering

  • Chartered Accountant

  • Architecture


Income from Business (speculative or non-speculative business) & Profession is taxed at the applicable slab rate and is to be reported in ITR 3 (ITR 4, in case of presumptive scheme) when filing an Income Tax Return.


A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from maintaining the books of accounts and also getting them audited.

This means, there is no need to estimate income by deducting expenses from revenue. One can simply take a percentage of his total revenue and pay tax on that.


There are two ways to add Business & Profession income to your Income Tax Return on Quicko.

  1. Regular B/P Income

  2. Presumptive B/P Income



To add Regular Business Income on Quicko

A business whose turnover is more than Rs. 2 crore shall opt to be taxed regularly.

  • In the Filing tab, navigate to INCOMES BUSINESS & PROFESSION from the sidenav

  • Under Choose Business Type, click on Regular Business Income

  • Enter the Business Details
    Name, Description, Nature & Category of the business

  • Enter amounts relating to Speculative BusinessNon-Speculative Business

  • Click on Save

  • You shall be able to see a summary screen. Under Your Business,tab click on Turnover or Profit/Loss

  • Navigate to Expenses, click on Add to add various expenses

    • Rates & Taxes

    • Transfer Expenses

    • Utilities

    • Professional Consultancy

    • Others

  • Navigate to the Financials tab to Prepare your Balance Sheet

  • Add Assets & Liabilities

    • Scroll down to Add Fixed Assets and claim Depreciation


Note: Only claim depreciation for business associated assets. 



To add Presumptive Business Income u/s 44AD on Quicko

A business that has a turnover of less than Rs 2 crore can opt to be taxed presumptively.

They must declare profits of 8% for non-digital transactions or 6% for digital transactions, whichever is applicable. 

The following businesses are excluded from presumptive taxation:

a. Life insurance agents.

b. Commission of any kind.

c. Running the business of plying, hiring, or leasing goods carriages.


  • In the Filing tab, navigate to INCOMES BUSINESS & PROFESSION from the sidenav

  • Under Choose Business Type, click on Business Income u/s 44AD

  • Enter the Revenue Details of the business

  • Click on Save


To add Regular Profession Income on Quicko

A professional having gross revenue exceeding Rs. 50 Lakhs shall opt to bed taxed regularly

  • In the Filing tab, navigate to INCOMES BUSINESS & PROFESSION from the sidenav

  • Under Choose Profession Type, click on Regular Profession Income

  • Enter the Profession Details
    Name, Description, Nature & Category of the Profession

  • Enter amounts of Gross RevenueGross Profit

  • Click on Save

  • You shall be able to see a summary screen, click on Turnover or Profit/Loss

  • Navigate to Expenses, click on Add to add various expenses

    • Rates & Taxes

    • Transfer Expenses

    • Utilities

    • Professional Consultancy

    • Others


To add Presumptive Business Income u/s 44AD on Quicko

A professional having a gross revenue upto Rs 50 lakhs can opt for the presumptive scheme of tax.

Here, one can offer 50% of the gross revenue as his taxable income and pay taxes as per his slab rates on such income.

  • In the Filing tab, navigate to INCOMES BUSINESS & PROFESSION from the sidenav

  • Under Choose Business Type, click on Profession Income u/s 44AD

  • Enter amounts of Gross RevenueGross Profit 

  • Click on Save


Note: Profession-related expenses cannot be claimed as deduction, once opted for the presumptive scheme.