ITR stands for Income Tax Return and ITR-4 Form is for the taxpayers who opted for presumptive income scheme u/s 44AD, 44ADA or 44AE of the Income Tax Act, 1961. However, If the turnover of the business/profession becomes more than INR 2 crores/50 lacs respectively then the taxpayer can’t file ITR-4.
ITR-4 is to be filed by individuals, HUFs and Partnership Firms who meet the following conditions –
Note: Freelancers can also opt for this scheme if gross receipts are not exceeding INR 50 Lakh.
The following individuals cannot file ITR-4:
|PART A- GENERAL||Personal Information||Name, Address, Date of Birth, PAN, contact details.|
|Filing Status||Employer Category, Tax status, Residential status, Return filed under the section.|
|PART B||Gross total income||Income under all the five heads of income Deductions under Chapter VI-A.|
|PART C||Deductions||Deductions claimed under Chapter VI-A.|
|PART D||Tax Computation and Tax Status||It gives the details of total tax payable, fees, and interest|
|Schedule BP||Computation of income from business or profession||Income chargeable under the head ‘Profits and gains of business or profession u/s 44AD, 44ADA or 44AE is disclosed in this schedule.|
|Schedule TDS||TDS-1: Details of Tax Deducted at Source from SALARY||TAN of Employer, Employer Name, Tax Deducted, etc.|
|TDS-2 (i): Details of Tax Deducted at sources from Income other than Salary (As per FORM 16A)
TDS-2 (ii): Details of Tax Deducted at sources from Income other than Salary (As per FORM 16C/ FORM 16D)
|TAN, Name of Deductor, Year of Deduction, Tax deducted, etc.|
|Schedule TCS||Details of tax collected at source||TAN of the collector, Name of Collector, Tax Collected, etc.|
|Schedule IT||Details of Advance Tax and Self Assessment Tax Payments||BSR code, Date of Deposit, Challan number, Tax Paid|
|Schedule D21 and Verification||Bank details and Verification||Details of bank account such as account number, IFSC code, etc and the verification of assessee|
|Schedule 80D||Details of deduction claimed u/s 80D||Details of health insurances, medical expenditures, preventive health checkups for parents and family.|
|80G||Details of Donations||Name of Donee, Address, City or District, State Code, PAN of Donee, Amount.|
There are two options to file ITR-4 :
1- Paper Form : It can be filed in a physical form or by furnishing bar coded return. Paper Form ITR is allowed in only in case of super senior citizen.
2- Electronically: A taxpayer can file ITR-4 online from the e-filing portal of the income tax department. The ITR-4 can be filed Online/Electronically:
ITR-4 is a simplified form that cannot be filed by the individuals to whom audit is applicable.
Due date for filing ITR-4 is 31st July.
If a taxpayer is opting for a Presumptive scheme as per section 44AD then he/she shall have to file ITR-4 for 5 consecutive years.
No, ITR-4 cannot be filed if you have capital gains.