The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.we are the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai. ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2019-20 includes: a. Business income under section 44AD or 44AE b. Income from profession calculated under section 44ADA c. Salary/pension having income up to Rs 50 lakh d. Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head); e. Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races) Note: Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs. We are Leading GST Consultants in chennai,Bangalore and Delhi Contact us
• In case the total income that has been generated is more Rs.50 lakh • In case any losses have been brought forward from previous years • In case the individual has a signing authority at a place that is not located in India. • In case any investments are present in equity shares that are unlisted at any time during the financial year. • In case individuals have foreign assets or have generated a foreign income • In case the income has been generated from more than one house property • In case the individual is a Director of a company • In case the individual is a non-resident or an RNOR. We are Leading GST Consultants in chennai,Bangalore and Delhi.
Who is required to file ITR 4?
Who is not required to file ITR 4?
All the non-audit cases have to file ITR 4 on or before 31st July of each year mandatorily
ITR-4 Sugam form can be filed through online and offline mode. Yet, following category of taxpayers need to file this income tax form online:
• With an annual income is over INR 5 lakhs
• Owns foreign assets
• Claims relief under section 90 / 90A / 91 in Schedule FSI and Schedule TR Online / Electronically:
• By filing online return using digital signature
• By electronically transmitting the data
• Sending the Form ITR-V to CPC Bangalore Offline:
File income tax return with a physical paper form
File a bar-coded income tax return
A physical ITR-V will be provided at the time of submission
If you submit your ITR-4 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. Or you can submit and verify the return electronically through submission by Aadhaar OTP if PAN and Aadhaar are linked through each other. 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.
• Part A: General Information regarding taxpayer and business
• Part B: Gross total income from the five heads of income
• Part C: Deduction applicable and total tax liable income
• Part D: Tax calculation and status
• Verification & signatures on the return
• Schedule IT: particulars of advance-tax payment and tax on self-assessment
• Supplementary schedule IT
• Schedule TDS1: details of applicable TDS on salary
• Supplementary schedule TDS1
• Schedule TDS2: details of applicable TCS on income except for salary
• Supplementary schedule TDS2
• Schedule-TCS: details of TCS.
• Supplementary schedule TCS
• Schedule BP - Details of business income including the following:
Calculation of presumptive income under 44ad
Calculation of presumptive income under 44ae
Financial details of the business.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
PART A: General Information
Part B: Gross Total Income
Part C: Deductions and Taxable Total Income
Part D: Tax Computations and Tax Status
Schedule BP: Details of Income From Business or Profession Computation of Presumptive Business Income Under Section 44AD
Computation of Presumptive Income From Professions Under Section 44ADA:
Computation of Presumptive Income From Goods Carriages Under Section 44AE
Information Regarding Turnover/gross Receipt Reported for GST
Particulars of Cash and Bank Transactions Relating to Presumptive Business
Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
Schedule TCS: Details of Tax Collected at Source [As per Form 27D issued by the Collector(s)]
Schedule TDS1: Details of Tax Deducted at Source From Salary [as Per Form 16 Issued by Employer(S)]
Schedule TDS2: Details of Tax Deducted at Source on Income Other Than Salary [as Per Form 16 an Issued or Form 16c Furnished by Deductor(S)]
Verification.for the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
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