ITR-4 Form Filling
The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
Who can use ITR-4 Form ?
ITR-4 must be filed by individuals / HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
Who should not file ITR-4 Form ?
ITR-4 cannot be filed by taxpayers who fall into the below category :
- Businesses with turnover of over Rs. 2 Crores
- Professionals with gross receipts exceeding Rs. 50 Lakhs
In the above cases ITR-3 should be filed.
Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.
When should ITR-4 be filed ?
ITR-4 form is to be used when the assessee has income that falls into the below category :
- Income from carrying on a profession and has opted for presumptive income scheme as per section 44 ADA
- Income from Proprietary Business and has opted for presumptive income scheme as per section 44 AD or section 44AE
- Along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources
What is the due date for filing ITR-4 Form ?
Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.