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

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 the presumptive taxation) when filing an Income Tax Return.


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


Here's your document checklist



To add Business Income 

1. Regular Business Income on Quicko


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

  • In the Filing tab, navigate to INCOMES > BUSINESS & PROFESSION from the side nav
  • Click on Regular Business Income
  • Enter the Business Details
    • Name
    • Description
    • Nature & Category of the business
  • Enter Income Details
  • Click on Save


To add Business Expenses

  • 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 Balance Sheet

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


To Claim Depreciation 

  • In the Assets tab, scroll down 
  • Click on Add Fixed Assets 
  • Add details of your Fixed Assets
  • Click on Save



2. Presumptive Business Income u/s 44AD on Quicko


A business that has a turnover of less than Rs. 2 crores can opt for presumptive taxation.

  • In the Filing tab, navigate to INCOMES > BUSINESS & PROFESSION from the side nav
  • Click on Business Income u/s 44AD
  • Enter the Revenue Details of the business
  • Click on Save


Read more about Presumptive Taxation for Business


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



To add Professional Income

1. Regular Profession Income on Quicko


For professionals having gross revenue exceeding Rs. 50 Lakhs 

  • In the Filing tab, navigate to INCOMES > BUSINESS & PROFESSION from the side nav
  • Click on Regular Profession Income
  • Enter the Profession Details
    • Name
    • Description 
    • Nature & Category of the Profession
  • Enter the Income Details
  • Click on Save


To add Profession Expenses

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


2. Presumptive Business Income u/s 44AD


A professional having a gross revenue of up to Rs. 50 lakhs can opt for presumptive taxation.

  • In the Filing tab, navigate to INCOMES > BUSINESS & PROFESSION from the side nav
  • Under Choose Business Type, click on Profession Income u/s 44AD
  • Enter amounts of Gross Revenue & Gross Profit 
  • Click on Save


Read more about Presumptive Taxation for Profession



Note: 
Profession-related expenses cannot be claimed as deductions if opted for the presumptive scheme.



Here's a complete guide on Income from Business & Profession and Taxes