ITR 4 Return
The ITR-4 is an Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. File your ITR-4 return in a few simple steps.
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ITR Return required mandatory
Benefits of File the ITR 4 Form?
- Income Tax Return holds immense legal value. It is recorded with the government.
- Can help you Claim Deductions
- Important Document While Applying for Loans
- Helps if Planning to go Abroad
- Avoid Penalty and Punishment
- Losses can be Carried Forward
Pricing
(Simple & Clear Pricing. No Hidden Charges)
| Government Fee | Rs 0 |
| Professional Fees | Rs 1,459 |
| Goods & Service Tax | Rs 00 |
| Total Cost | Rs 1459 |
What is the ITR 4 Form?
(All you need to know)
ITR stands for Income Tax Return and ITR 4 Form is for the taxpayers who are filing return under the presumptive income scheme in Section 44AD, Section 44ADA and Section 44AE of the Income Tax (IT) Act. If the turnover of the aforementioned business becomes more than Rs 2 crores then the taxpayer can’t file ITR-4.
Part A: General Information
Part B: Gross total income from the five heads of income
Part C: Deduction and total taxable income
Part D: Tax calculation and tax status
Eligibility of ITR 4, Income Tax Act
For an individual, HUF, or firm to come under the purview of ITR 4, the entity has to be a resident of India. As per the notification for the assessment year 2019-20, the total income of such taxpayer should not exceed Rs. 50 lakhs and should comply with these following income sources:
- Income from a business: if the income is computed on a speculative basis, it will be presumed that it has been computed following all the provisions of Sec. 44AD or Sec. 44AE. It must contain a computation reflecting each and every allowance, deduction, loss, or depreciation following the provisions of the Act.
- Income from a profession: the computation of income under Sec. 44ADA of the Act is similar, mentioning loss, deduction, allowance or depreciation if it is computed on a hypothetical basis.
- Income from pension or salary
- Income from one house property
- Income from other sources as mentioned in the provision or notification.
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Frequently Asked Questions
What is the eligibility criteria for filing ITR 4?
- The assessee should be an individual, Hindu undivided family or a firm.
- The total receipts from a profession or the turnover of the business should be lesser than Rs. 2 Crore.
- Must be a resident of India
Can the taxpayer show an income more or less than 8% of the gross profit?
Yes, the assessee can declare an income higher or lower than 8% of the gross profit, but such income has to maintain a book of accounts and get them audited under Sec. 44AD of the Income Tax Act, 1961.
What happens when unrealised rent is later realised in terms of taxes? A
Any additional unrealised rent recoveries will be counted as part of your income under the heading Income from House Property in the year that the rent is realised (whether or not you are the property owner in that year). It will be taxed after deducting a sum equivalent to 30% of the unrealised rent.
Can I also submit my ITR 4 offline?
Yes, but only if the following conditions are met: a) The taxpayer is 80 years of age or older; b) the taxpayer has an annual income of less than Rs 5 lakh and is not required to make an income tax refund claim.
Can I deduct other expenses and depreciation if I use the presumed scheme?
No, a person cannot claim depreciation or any other expense if they are paying tax at the rate of 8% following Section 44AD.
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