The ITR-4 Form is applicable for individuals or HUFs who have income from proprietary business or are carrying on a profession.
If the requirements of audit are applicable, the due date of filing of return is 30th September. Otherwise, usually the due date of filing of return for non-audit cases is 31st July.
In case the presumptive method of taxation is applicable (Section 44AD and Section 44AE of the Income Tax Act), ITR-4S must be filed.
Since ITR-4S is applicable where gross receipts/turnover is less than Rs 1crore; assesses who are carrying out business or profession under presumptive income as per section 44AD & 44AE of the Income Tax Act but have turnover/gross receipts of more than Rs. 1 crore; will have to file ITR-4.
Click here to get the latest ITR-4 form from the Income Tax Department.
Assesses who are eligible to file using the ITR-4 Form are:
ITR-4 is divided into:
After this there are 35 schedules.
Here are a few general guidelines to keep in mind while filling your ITR-4 form:
The easiest way to fill out your ITR-4 Form is to follow this sequence:
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You can submit your ITR-4 Form either online or offline. It is mandatory to file Income Tax Returns electronically (either through Mode 3 or Mode 4) for the following assesses:
The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
If you submit your ITR-4 Form electronically under digital signature, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department's CPC office in Bangalore within 120 days of e-filing.
Remember that ITR-4 is an annexure-less form i.e. you do not have to attach any documents when you send it.
ITR-4 is to be filled by individuals/HUFs/small businesses having income from proprietary businesses or profession.
In case the presumptive income method is applicable to you, you must file ITR-4S.
However, businesses or profession which are covered under presumptive income under section 44AD and section 44AE where the Turnover/Gross Receipts exceeds Rs 1 crore must file ITR-4.