Licence Centre

ITR-4 Return Filing

Select Package

5899
All inclusive price

Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

9899
All inclusive price

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

ITR 4 RETURN FILING

According to Section 44D, 44DA, of the Income Tax Act,1961, the taxpayers who have opted for the Presumptive Taxation Scheme 44AE should file ITR 4 return. Any business turnover exceeding Rs.2 Cr isn’t eligible to file under ITR 4 and thus asked to file ITR 3 form.

Body of ITR 4

Part A: General Information
Part B: Gross total income under the five heads of income
Part C: Deductions and Total Taxable Income
Schedule BP: Details of Income from Business
Schedule 80G: Details of Donations entitled for deduction under Section 80G
Schedule IT: Statement of payment of advance tax and tax on self-assessment
Schedule- TCS: Statement about Tax Collected at source
Schedule TDS1: Statement of Tax Deducted at Source on Salary
Schedule TDS2: Statement of tax deducted at source on income apart from salary
Verification Scheme

What is Presumptive Taxation Scheme?

No books of account are maintained in the Presumptive taxation scheme. The estimated net income is 8% of the gross cash receipts, and for the digitally made payment, the gross recipient is assumed to be 6%. No deduction on business expenses against this income is allowed. 100% Advance Tax has to be paid by the business owner by the 15th of March. Quarterly installment of advance payments shouldn’t be focused on the due dates.

You are eligible if:

You an individual whose source of income is any of the below mentioned:

Section 44AD/Section 44AE based earning from business.
Section 44ADA based profession.
Salary or Pension, up to Rs. 50 lakhs.
One house property
Other sources (less than or equal to 50 lakhs which doesn’t include the income from winning lottery or horse races)
Freelancing which doesn’t exceed an income of 50 lakh.

You aren’t eligible if:

A part of the company directorship.
One who holds an unlisted equity share in the past year.
Owns any kind of assets in the foreign land
Signing authority in any foreign land.
Income from a foreign land.
Earning profit from any business or profession which isn’t computed under sections 44AD, 44ADA, or 44AE includes income from a speculative business or as a commission or from brokerage, etc.
Capital Gains
Income from more than one house property.
Other sources like income from winning lottery or horse races.
Income that isn’t dispensed under the provisions of Section 5A
Agriculture source which doesn’t exceed Rs. 5000.
Any forward loss or loss which is to be carried forward under any income head
Any loss under “income from other sources”
An existing claim of relief under Sections 90, 90A or 91
If any deduction claims under Section 57 (this doesn’t include family pension)
A claim of tax credit which has been deducted at source in the hands of another person
A part of joint ownership in any house property (inserted in AY 20-21).

Processing

The filing of ITR 4 can be either offline or online. Offline:

Processing is done in the physical paper format, by the bar-coded return.

Citizens aging 80 years or more.
Whose income is less than 5 lakh and haven’t claimed for Income Tax Return.

Online:
Using the Digital Signature, where an acknowledgment will be shared to the registered e-mail. The data will be shared electronically with the verification of the return, this is done in Form ITR-V.

What is the Price I Need to Pay for ITR-4 Return Filing?

Standard

5899

all inclusive fees