ITR 4 Return Filing

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About ITR 4 Return 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.

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 for 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 India
  • Has 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.

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ITR 4 Form Filing FAQ's

Can I file ITR 4 offline also?

Yes, you can file offline ITR 4 only if: a) Individual is of 80 years or more in age b) The income of individual is less than Rs. 5 lakh and who do not have to claim a refund in the income tax return.

Is the balance sheet mandatory for ITR 4 Filing?

In the case of ITR 4, it is not necessary to disclose the particulars of the balance sheet.

 
What is cash in hand for ITR 4?

It is not necessary to disclose the personal assets in ITR4. Only the assets that are held to conduct the business are to be shown in ITR 4. You can show Nil (Zero) value concerning sundry creditors, inventors, and Cash in Hand. There will be no error on the validation and the returns can be filed.

 
Is it possible to convert ITR 1 to ITR 4?

Yes, Form ITR 1 can be converted to ITR 4.

 
What is inventory in ITR 4?

Inventories are the assets that include the finished goods, work in progress, and the raw materials that are held by a company for sales in the future. It also includes the goods are purchased that are held for resale and maintenance supplies, and the consumables used for the production process.

 
Is it possible to shift from ITR 3 to ITR 4?

Switching from ITR 3 to ITR 4 cannot be done unless the sales are declared.

 

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