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ITR 4 Form Filling & E-Filing Guide

Jun 14, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

What is ITR Form 4?

ITR 4 is meant for those who earn from a business or profession. Individuals should file returns under ITR 4 if the revenue from business associated with the below-mentioned category exceeds Rs. 2 crores.

Who is eligible for filing ITR form 4?

  • Any individual pursuing a profession that falls under section 44 AA can opt for schemes enlisted under the section 44ADA. For instance, a doctor whose gross receipts do not exceed the value of RS. 50 lakhs may use ITR 4 form to file returns and may declare 50% of the gross receipts as the income.
  • Similarly, Artists, Interior Designers, individuals who pursue accountancy as a profession, Engineers, Technical Consultants are also eligible for this scheme. Freelancers practising the above-mentioned profession will file their income tax return under ITR 4 Form. They can opt for this scheme if their gross revenue does not exceed RS. 50 lakhs.
  • However, individuals will have to opt for a scheme under Section 44 AD if they are engaged in a business which generates gross receipts of less than RS. 2 crore.
  • A person who has applied for the scheme of presumptive taxation under Section 44 AE and practising the business of goods transport with not more than 10 goods carriages as a part of the fleet.
  • A person whose income is drawn from Salary and/or Income.
  • A person whose income is drawn from One House Property
  • A person whose income is drawn from other sources (Excluding winnings from lottery or income from gambling on race horses)

Who is not eligible for filing (Income Tax Return) ITR Form 4?

  • Income from winning a lottery or income from gambling on racehorses
  • Income under the head capital gain
  • Income from dividend obtained from domestic companies
  • Agricultural income that exceeds Rs. 5000
  • Income that is drawn from Speculative Business and/or as an alternative special income.
  • Income that is drawn from an agency business or income obtained in the form of brokerage or commission.
  • Individuals claiming relief under the Double Taxation Scheme
  • Income obtained from assets that are in countries other than India.
  • Income from abroad (outside India).

How is ITR 4 Form structured?

ITR 4 is the following sub-divisions:

  • Part A: General Information
  • Part B: Gross total income drawn from the five heads of income.
  • Part C: Deductions and total income that is taxable
  • Part D: Tax calculation and tax status
  • Verification and signature of the return
  • Finance specifics of the business
  • Schedule AL: Asset and liability at the end of the year.
  • Schedule IT: Statement of payment of advance tax and tax on self-assessment.
  • Schedule TCS: Statement of tax collected at source.
  • Schedule TDS1: Statement of tax deducted at source on salary.
  • Schedule TDS2: Statement regarding the tax deducted at source on income besides regular salary.
  • Supplementary Schedule TDS1, TDS2, IT, TCS

How to File ITR 4 Form?

You can submit your ITR 4 form through both online or offline modes. Those individuals who are of 80 years or more and whose income does not exceed RS. 5 lakhs can go ahead with their ITR filing through offline modes.

 Any individual filing their income tax return will receive an acknowledgement from the Income Tax Department at the time of submission of the return. The acknowledgement of payment of the income tax return will be sent to the individual’s registered email address.

Also, individuals will have to sign the acknowledgement within 120 days of e-filing and deliver the same to the CPC office of the Income Tax Department at Bangalore.

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