e-Filing 2.0
New Income Tax Filing Features
e-Filing 2.0
New Income Tax Filing Features
Hiral Vakil
2019-03-07 12:24:35The ITR 4 is meant for those taxpayers who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act.
However, if the turnover of the mentioned business exceeds INR 2 crores (INR 50 lakh in the case of professionals), the taxpayer will have to file ITR 3. You can also download income tax utility from the income tax department website.
Up to FY 2018-19 (AY 2019-20), it was not mandatory to file Income Tax Return if the total income was less than the basic exemption limit. However, Budget 2019 inserted the seventh proviso to Section 139(1). As per this new provision, if a taxpayer has entered into high-value transactions, it is mandatory to file the ITR even if the total income does not exceed the basic exemption limit. The high-value transactions can be either of the following:
Individual/HUF/Partnership firm whose total income includes following can use this form:
File Your Tax Return
On Time , Online on Quicko.com
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File Your Tax Return
On Time , Online on Quicko.com
Open Your Account Today
This Return Form cannot be used in case of the following incomes:
| Part/ Schedule | Heading | Fields |
|---|---|---|
| PART A- GENERAL | Personal Information | Name, Address, Date of Birth, PAN, contact details, etc. |
| Filing Status | Employer Category, Tax status, Residential status, Return filed u/s, etc. | |
| PART B | Income And Deduction | Income from Business, Salary, Pension, House Property, Other Sources |
| PART C | Deduction under Chapter VI-A | Deductions under section 80C, 80D, 80E, 80G, 80TTA, etc. |
| PART D | Tax computation | Breaking up Tax computation, Interest, Cess, Rebate, etc. |
| Schedule NOB BP | Nature of Business, If more than one business, indicates the three main activities/ products | Nature of Business, Computation of Presumptive Income under 44AD, 44ADA and 44AE, Financial Particulars of Business |
| Schedule AL | Details of Assets and Liabilities | Details of an immovable asset, Details of a movable asset, Interest held in the asset of a firm or AOP, etc. |
| Schedule IT | Details of Advance Tax and Self Assessment Tax Payments | BSR Code, Date of Deposit, Chalan Number, Tax Paid |
| Schedule TCS | Details of Tax Collected at sources | Tax collection Account Number, Name of Collector, Tax Collected, Amount Claimed |
| Tax Details | TDS1: Details of Tax Deducted at Source from SALARY | TAN of Employer, Employer Name, Ted Deducted, etc. |
| Tax Details | TDS2: Details of Tax Deducted at sources from Income other than Salary | TAN, Name of Deductor, Year of Deduction, Tax deducted, etc. |
Acquire the given list of documents on the basis of relevant Incomes in order to indulge in a smooth filing process.
Essential documents:
Documents on the basis of your type of Income:
You can either file your ITR 4 physically or electronically. Since the Financial year 2013-14, electronic filing of ITR 4 has been made compulsory for the taxpayers who:
The department will provide you with an acknowledgment along with stamp of submission on your copy.
No. NRI can not file ITR 4. They need to file ITR 3 for income earned from Business & Profession.
No, since presumptive taxation scheme is only available to businesses having turnover up to INR 2 Crore. You can not opt for the Presumptive Taxation Scheme and file ITR 4.
No. since presumptive taxation scheme is only available to professionals having receipts up to INR 50 lakhs. You can not opt for the Presumptive Taxation Scheme and file ITR 4.
Yes, ITR 4 can be filed after the due date. It will be considered a belated return. And late filing fees will be levied while filing a belated return.
Hey @TeamQuicko
Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?
Thank you!
Hey @TanyaChopra
This quarterly breakdown of Dividend Income under IFOS will help to calculate and determine penalty u/s 234C for the delay in payment of Advance Tax.
Hope this helps!
I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?
Hey @HarshitShah
After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.
Hope this helps!
Hey @HarishMehta
Yes, dividend income is now taxable from FY 2021-22 onwards and it has to be reported under the head of IFOS.
You can read more about it here:
Hi @Maulik_Padh,
You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR
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