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What is ITR 4 Filing?
Want to know what ITR 4 means? It is the go-to form for taxpayers who opt for the Presumptive Taxation Scheme under specific sections of the Income Tax Act, 1961. ITR-4 is also known as Sugam.
It provides a simplified way for individuals and Hindu Undivided Families (HUFs) engaged in businesses or professions to calculate their income.
Key sections under which ITR 4 is applicable include Section 44AD, Section 44ADA, and Section 44AE.
This form streamlines the tax reporting process by allowing for a presumptive income calculation method, making life easier for small business owners and professionals.
Documents Required to File ITR 4
✔ PAN (Permanent Account Number)
✔ Aadhaar Card
✔ Bank Statements
✔ Income Proof
✔ Profit & Loss Statement
✔ Balance Sheet
✔ TDS Certificates
✔ Details of Assets and Liabilities
ITR 4 Filing Charges
| Basic | Essential | Advanced |
|---|---|---|
|
₹ 3000 |
₹ 6000 |
₹ 10000 |
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ITR 4 Return Filing Process with Avery Biz Solutions
Consult & Document Submission
Expert Assessment and ITR 4 Form Selection
Business Income Evaluation
Tax Calculation after tax deduction
Seamless ITR 4 Filing and Acknowledgment
ITR 4 Filing Online Process
1. Furnishing the Return Digitally Using Digital Signature: You can file ITR 4 online by digitally signing the form. This is a secure and efficient way to submit your tax return.
2.Transmitting Data Electronically and Submitting Verification in Form ITR-V: Another online method is transmitting your data electronically, and then you’ll need to submit the verification of your return in Form ITR-V.
3.Acknowledgment via Registered Email (For Digital Signature): If you’ve filed the ITR-4 Form using a digital signature, you will receive an acknowledgment at your registered email address. It confirms the successful filing of your tax return.
Choosing the right ITR 4 filing method depends on your eligibility and preferences.
Note:-Remember that online filing can be quicker and more convenient, while offline filing is suitable for specific categories of taxpayers. Always ensure that you follow the correct steps and provide accurate information to meet your tax obligations.
Benefits of ITR 4 Filing
01.
Compliance with tax regulations Claiming Deductions
Avoid penalties and interest by having accurate records to support your tax returns.
02.
Eligibility for various financial transactions
Qualify for loans, mortgages, and other financial products with a good financial history.
03.
Accurate financial record keeping
Track your income and expenses, and make informed financial decisions.
04.
Opportunity to claim deductions and exemptions
Reduce your tax liability by maximizing your deductions and exemptions
05.
Peace of mind with a well-documented financial history
Be prepared for any financial challenge with a complete record of your financial transactions.
Who Can File ITR 4?
Understanding ITR 4 applicability and eligibility is really important.
Filing your income tax returns is a crucial part of your financial responsibilities, and ITR 4 filing is designed for specific categories of taxpayers. Here’s a listicle to help you understand who can file ITR 4 and who should consider other forms:
✔ Business Income under Section 44AD/Section 44AE: If you earn income from business activities under Section 44AD or income from the transport business under Section 44AE, ITR 4 is the form for you.
✔ Income from a Profession as per Section 44ADA: Professionals like doctors, engineers, or architects with income from a profession can choose ITR 4 for filing.
✔ Income up to Rs. 50 lakh from Salary or Pension: If your salary or pension income doesn’t exceed Rs. 50 lakh, ITR 4 is applicable.
✔ Income up to Rs. 50 lakh from One House Property: You can use ITR 4 if your income from a single house property doesn’t include carried forward losses.
✔ Income from Other Sources up to Rs. 50 lakh: This includes income from various sources except winnings from lotteries or horse races.
✔ Freelancers with Income not exceeding Rs. 50 lakh: Freelancers can opt for ITR 4 as long as their income doesn’t exceed Rs. 50 lakh.
Why Avery Biz Solutions for ITR 4 filing?
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ITR 4 Filing Offline Process
Eligible Individuals for Offline Filing:
✔ Individuals aged 80 years or more.
✔ Individuals with an annual income of less than Rs. 5 lakh who do not need to claim an income tax refund.
Offline Filing Options
✔ By submitting a physical paper return: Fill out the ITR 4 form manually and submit it in physical paper form.
✔ By furnishing a bar-coded return: You can obtain a bar-coded return, fill it out, and an acknowledgment will be issued when you submit the physical paper return.
What is the Structure of ITR 4 Return Filing Form?
Filing your income tax returns can be less daunting when you understand the structure of Form ITR-4. Here’s a listicle to guide you through each section of the form:
✔ Part A: General Information: This is where you provide personal details like your name, PAN (Permanent Account Number), and contact information. It’s the first step in the tax filing process.
✔ Part B: Gross Total Income under Five Heads of Income: In Part B, you break down your income into five categories: salary, house property, business or profession, capital gains, and other sources. You’ll list your earnings from each of these heads.
✔ Part C: Deductions and Total Taxable Income: Here, you detail deductions available under various sections of the Income Tax Act. These deductions reduce your taxable income, and you’ll calculate the total taxable income.
- Schedule BP: Details of Income from Business: If you have a business or profession, Schedule BP is where you report the specifics of your business income. This section is crucial for business owners.
- Schedule 80G: Details of Donations Entitled for Deduction under Section 80G: If you’ve made charitable donations and wish to claim deductions under Section 80G, this schedule is where you provide details about your charitable contributions.
- Schedule IT: Statement of Payment of Advance Tax and Tax on Self-Assessment: Schedule IT is all about your tax payments. It outlines the amount of advance tax you’ve paid and the tax you’ve self-assessed.
- Schedule- TCS: Statement about Tax Collected at Source: If you’ve received income on which tax has been collected at the source, you’ll report it in Schedule TCS.
- Schedule TDS1: Statement of Tax Deducted at Source on Salary: This schedule focuses on income earned as salary and deductions made at the source. You’ll specify the tax deducted from your salary.
- Schedule TDS2: Statement of Tax Deducted at Source on Income Apart from Salary: For income from sources other than your salary, you’ll report the tax deductions made at the source in Schedule TDS2.
- Verification Scheme: The last step is verifying your ITR-4 filing form. It’s a crucial step in the filing process to confirm the accuracy of your submission.
Who is Not Eligible for ITR 4 Filing Form?
Certain individuals should consider alternative forms and are not eligible for ITR 4:
✔ Holds Directorship in a Company: If you are a director in a company, ITR 4 is not applicable.
✔ Holds Unlisted Equity Shares: Those who hold unlisted equity shares at any time during the previous year should explore other ITR forms.
✔ Has Assets/Financial Interest Outside India: If you have assets or financial interests outside India, ITR 4 is not suitable.
✔ Has Signing Authority in an Account Outside India: Individuals with signing authority in foreign accounts should choose a different ITR form.
✔ Has Income from a Source Located Outside India: If you earn income from sources outside India, ITR 4 doesn’t apply.
✔ Profits from Businesses/Professions not under Sections 44AD, 44ADA, or 44AE: This includes income from speculative businesses, commission, brokerage, etc.
✔ Capital Gains: Taxpayers with capital gains should look at other ITR forms for accurate reporting.
✔ Income from More than One House Property: If your income comes from multiple house properties, ITR 4 isn’t the right choice.
✔ Income Under “Other Sources” from Winning Lottery or Horse Races: Such income has its own ITR forms for reporting.
✔ Income Apportioned under Section 5A: Income that needs to be apportioned should use appropriate forms.
✔ Agricultural Income Exceeding INR 5,000: Income from agriculture exceeding INR 5,000 falls outside ITR 4’s purview.
✔ Brought Forward Loss or Loss to be Carried Forward: If you have any losses to carry forward, consider other ITR forms.
✔ Loss Under “Income from Other Sources”: Losses in this category should be reported using a different ITR form.
✔ Claim of Relief under Sections 90, 90A, or 91: Tax relief claims require specific forms.
✔ Deduction Claim under Section 57 (Except Family Pension): Deductions under Section 57, excluding family pension, call for different ITR forms.
✔ Tax Credit Claim Deducted at Source in Another Person’s Hands: Tax credits in another person’s hands necessitate alternative forms.
✔ Joint Ownership in House Property (Inserted in AY 20-21): In case of joint ownership, specific ITR forms are required.
What are the Key Changes in ITR 4 Filing for FY 2022-23 (AY 2023-24)?
✔ Minimal Revisions
ITR 4 for AY 2023-24 sees no major changes from the previous year.
✔ Tax Regime Declaration
You can choose between old and new tax regimes under Section 115 BAC. Specify your choice in Part A.
✔ Detailed Income Reporting
Part B now features a dropdown for income from various sources, including savings account interest and dividends.
✔ Schedule DI Removed
The Schedule DI introduced in AY 2020-21 is no longer part of ITR 4.
ITR 4 vs. ITR 3 - Which One to Choose?
Aspect | ITR 4 | ITR 3 |
Applicable Sections | 44AD, 44ADA, 44AE | Applicable to all businesses |
Business Turnover Limit | Up to Rs. 2 crore | Above Rs. 2 crore |
Type of Taxpayer | Individuals and HUFs in business/profession | Individuals, HUFs, Firms, and Companies |
Reporting Complexity | Simplified due to presumptive taxation | Comprehensive reporting |
Income Calculation | Presumptive income calculation | Actual income calculation |
Audit Requirement | Audit not mandatory | Audit often mandatory |
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