ITR 4
Easily setup a sole proprietorship with registrations, LEDGERS and business bank account.
Benefits
- Fewer legal formalities than LLP.
- Associated with the GST and income tax departments.
- Full control over the business for the sole proprietor.
- No separate business tax filings.
- Easy to disassemble.
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ITR 4 Return
Easily setup a sole proprietorship with registrations, LEDGERS and business bank account.
Sugam ITR 4 Filing Process You Must Know
The ITR 4 filing is meant for Hindu Undivided Families (HUFs), individual taxpayers, and firms that have opted for the presumptive income scheme under the Income Tax Act, 1961, Section 44AE, 44ADA, and 44AD. However, LLPs are not eligible for this ITR 4 form.
Sellers, freelancers, lawyers, manufacturers, engineers, wholesalers, doctors, vloggers, and bloggers typically fall under this category. The ITR 4 income tax return is best suited for small businesses that prefer not to maintain detailed account books and instead record sales ledgers as required.
If you’re looking for ITR 4 return filing near me, this guide outlines the process and essentials you must follow for a hassle-free experience.
Process of ITR 4 Filling
Keep documents ready beforehand because the ITR 4 filing process can be complex and must be followed carefully.
Step 1:
Register on the Income Tax Department portal portal and download either the offline utility or reliable third-party software to begin the ITR 4 filing online.
Step 2:
Start filing your ITR 4 form under the ‘Income Tax Returns’ section in the 'e-filing menu'.
Step 3:
The form contains six sections:
- The first section covers personal information.
- The second section is about your gross total income.
- The third includes disclosures and exempt income.
- In the fourth, mention total deductions.
- The fifth section is about taxes paid.
- Finally, the sixth is for calculating total tax liability.
Step 4:
Get the form digitally verified using a digital signature, Electronic Verification Code (EVC), or Aadhaar OTP. You may also manually verify the form by signing the ITR-V and sending it to the Income Tax Department via post within 120 days. Once received, you'll get a confirmation on your registered email ID.
Whether you’re searching for ITR 4 filing in Hindi or English, the portal offers support in multiple languages.
Documents for Income Tax Return Form ITR 4
You must have the following documents handy to file the ITR 4 income tax return:
- Form 16 (for salaried individuals) and Form 16A (TDS certificate)
- Aadhaar card and PAN card (linked)
- Form 26AS (TCS and TDS credits)
- Receipts of investment premium payments
- Form AIS (Annual Information Statement)
- Bank statements
- Investment proofs
- Proof of business income
- Rental receipts and agreement
- Housing loan interest certificate
- Receipts for donations made
Who Can File ITR 4?
Here’s who qualifies for ITR 4 return filing:
- Business turnover is more than Rs. 2 crore
- Taxpayer opts for the presumptive income scheme under Section 44AE, 44ADA, or 44AD
- Total income is below Rs. 50 lakhs
- Agricultural income is below Rs. 5,000
- Income sources include:
- One house property
- Salary or pension
- Interest from savings accounts, income tax refunds, deposits (bank, post office, co-operative society)
- Enhanced compensation
Need help? Just look up ITR 4 return filing near me to find reliable professionals.
Who Cannot File ITR 4 Income Tax?
You cannot file ITR 4 income tax if:
- Total income exceeds Rs. 50 lakhs
- You are a company director
- You fall under non-resident or RNOR categories
- You maintain books of accounts under the Income Tax Act as an individual, HUF, or partner
- You earn from racehorses or lottery winnings
- TDS is deducted under Section 194N
- You hold virtual digital assets like cryptocurrency
- You possess unlisted equity shares
- You own more than one house property
- Agricultural income exceeds Rs. 5,000
- You have income from capital gains
- Income is taxed under special provisions
- You earn from foreign sources or assets
- You claim tax relief under Sections 90/90A/91
Complete ITR 4 Filing with the Right Tax Consultant at the Right Time
Final Words
The essence of ITR 4 return filing is that no additional documents or TDS certificates need to be attached to the form. However, they should be kept ready to ensure accurate information is furnished to the Income Tax Department. Mistakes in the ITR 4 filing process can be costly due to its complexity.
Whether you’re looking to handle ITR 4 filing near me, online, or in your native language like ITR 4 filing in Hindi, consulting a professional tax advisor is always a wise move. They can assist with collecting the required documents, verifying details, and ensuring your return is submitted on time.
Frequently Asked Questions
What Professions Fall Under ITR 4 Filing?
Eligible professions under ITR 4 filing include:
- Legal services
- Entertainment
- Technical consultancy
- Architecture
- Medical professionals
- Accountants
- And other similar service-based professions
May I Fill Out the ITR-4 Form if I Have a Business Income?
Yes, you can fill out the ITR 4 form if you have a business income. However, this should be done after filing Form 10 IEA under the old tax regime.
Can I Switch from ITR-4 to ITR-3?
Yes, if your business income exceeds the presumptive limit, you can switch to ITR-3 from ITR 4.
Can I File ITR-4 Offline?
Yes, you can file ITR 4 offline using the downloadable offline utility. If you started the process online, use the “Import Draft ITR” feature to continue. Note: Not all taxpayers are eligible for offline submission.
What Is the Presumptive Taxation Scheme Under ITR-4?
The presumptive taxation scheme calculates income as a fixed percentage of gross receipts. Under this scheme, you don’t need to maintain detailed accounts. Small businesses with limited turnover can opt for it to simplify ITR 4 filing.