ITR-4 Return Filing
Price: ₹ 2,500/- *
*Complete by: within 5 days
- *Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
ITR 4 Form Filing
Form ITR 4 is filed by the taxpayers who have opted for the Presumptive Taxation Scheme under Section 44D, 44DA, 44AE of the Income Tax Act,1961. But this is subject to the business turnover limit i.e in case if the turnover is exceeding Rs.2 crore then the taxpayer is required to file ITR 3 Form.
ITR-4 FORM CHANGES FOR AY 2024-2025
To break up the turnover u/s 44AD and 44ADA into three categories. “One needs to give the breakup of the revenue “received through a/c payee cheques, or a/c payee bank drafts, or the bank electronic clearing system and prescribed electronic modes, besides details of cash receipts and any mode other than these.
What is Presumptive Taxation in Scheme?
Presumptive Taxation Scheme is a scheme that exempts small taxpayers from maintaining the books of accounts.
Who is Eligible to file Form ITR 4?
Individuals whose income comes from the following sources have to file ITR 4 Form:
Business Income under Section 44AD/Section 44AE.
Income from a profession as per Section 44ADA.
Income up to Rs. 50 lakh from Salary or Pension.
Income up to Rs. 50 lakh from One house property (that does not include the brought forward loss o loss that is to be brought forward under this head)
Income from other sources up to Rs.50 lakh (does not include winning from lottery or horse races)
Form ITR 4 can also be filed by the freelancers if the income is not exceeding Rs.50 lakh.
Who is not eligible to file ITR 4 Form?
The following individuals need to file ITR-4:
Holds Directorship in a company
Holds any unlisted equity shares at any time during the previous year
Has assets/financial interest in an entity outside India
Has signing authority in any account outside India
Has income from a source located outside IndiaHas profits from a business or profession which is not required to be computed under sections 44AD, 44ADA, or 44AE, like income from a speculative business, commission, brokerage, etc.
Makes Capital Gains
Has income from more than one house property
Has income under the head "other sources" from winning the lottery, horse races, income taxable at special rates u/s 115BBDA or 115BBE
Has income which is to be apportioned under the provisions of Section 5A
Has agricultural income exceeding INR 5,000
Has any brought forward loss or loss which is to be carried forward under any income head
Has loss under “income from other sources”
Has a claim of relief under Sections 90, 90A or 91
Has any deduction claim under Section 57 (except deduction relating to family pension)
Has claim of tax credit which has been deducted at source in the hands of another person
Has joint ownership in house property
How to file ITR 4 Form?
ITR-4 can be submitted both online and offline as well.
Offline
The following individuals can file offline form:
Individuals at the age of 80 years or more
The individual's income is less than Rs.5 Lakh and he does not have to claim a refund in the income tax return
ITR 4 can be filed offline :
By furnishing a return in a physical paper form
By furnishing a bar-coded return (An acknowledgment will be issued at the time of submission of the physical paper return)
Online/Electronically
The following individuals can file offline form:
By furnishing the return digitally using the digital signature.
If the ITR-4 Form is under digital signature then an acknowledgment will be sent to the registered email id. For more information, connect our business advisor