ITR-4 Form Filling
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ITR-4 Form Filing
ITR 4 form is useful for individuals who do business or who earn through profession. This form is applicable to all type of business, undertakings or occupations, with no limit on earned income. This form can be used by any person or Hindu Undivided Family (HUF) to file their income tax returns. If the turnover of the business mentioned above exceeds Rs. 2 crore, the taxpayer will have to file ITR-3.
ITR 4 applicable to the following taxpayers:
- Individuals whose income from agriculture is less than Rs. 5000
- Those individuals who earn income from any business or profession
- Individual who have no property in countries other than India
- Individuals earning income from single housing estate. One house property having income up to 50 lakh.
- Income from other sources having up to Rs. 50 lakh
Who cannot file ITR- 4
The following taxpayers cannot fill form ITR 4:
- An individual who is either a Director in a company and has invested in unlisted equity shares.
- Individual who earn income from salary, house property or other sources above Rs. 50 lakh
- Partnership firm, individual or HUF whose books of accounts should be audited under Income Tax act 1961.
Major Changes in ITR -4 for the Assessment Year 2020-21
- Reduced the presumptive income from 8% to 6%
- In section 44AD one new clause has been added as the electronic mode in addition to electronic clearance
- If the Aadhar number is provided then PAN number is made optional in ITR-4
Keywords
Section 44AD
Income from business is calculated under section 44AD. Under this section, the expenses from the business are shown as subtracting from the income. Section 44AD specially for small professional with the objective to simplify taxation, reduce compliance burden and facilitate the ease of doing business or profession.
Section 44ADA
Professionals with a gross income of 50 lakhs or less can file their returns under this section. Section 44ADA also includes freelancers who do technical assignments such as accountant, software developer, engineer, advocate, doctors, architectural professional, technical consultant etc.
Section 44AE
Section 44AE is for those small taxpayers carrying freight traffic who do not have more than 10 goods carriages. This section is to provide relief to these small taxpayers in tax. This scheme is designed for taxpayers who business of plying, hiring or leasing of goods carriages.
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How can Bizlaw India help you ?
Filing your Income Tax Return (ITR) accurately and on time is crucial to stay compliant with tax regulations. At Bizlaw India, we provide expert assistance to ensure a smooth and hassle-free ITR-3 filing process. Here’s how we can help:
Frequently Asked Questions
ITR-4, also known as Sugam, is the Income Tax Return form applicable to individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive income scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act.
Individuals and HUFs whose total income includes business income computed under the presumptive taxation scheme are eligible to file ITR-4.
Documents typically required include:
- Aadhaar Card
- PAN Card
- Bank Statements
- TDS certificates
- Profit and Loss Account
- Balance Sheet
- Details of investments, if any
The due date for filing ITR-4 varies each year but is generally July 31st of the assessment year. However, it’s always best to check the latest updates from the Income Tax Department.
Advantages of filing ITR-4 include:
- Simplified tax computation under presumptive income scheme
- Lower compliance burden compared to regular ITR forms
- Option to declare income at a flat rate without maintaining detailed books of accounts
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