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ITR-INCOME TAX RETURN
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ITR 4 Form
Learn about ITR 4 form in detail
01.
Who is Required to File ITR 4?
ITR 4 is to be filed by individuals/HUF/ partnership firm whose gross income of AY 2020-21 includes:
1. Income from the business under section 44AD or 44AE.
2. Income from profession calculated under section 44ADA.
3. Salary/pension having income up to Rs.50 lakh.
4. Income from house property having income up to Rs.50 lakh (it will not include the carried forward loss).
5. Income from other sources (except winning from lottery and income from legal bettings), up to Rs.50 lakh.
In the case ofindividuals, HUFs and Partnership Firmswho are residents of India create an income from a business or profession; they must select ITR-4. Limited Liability Partnerships (LLPs) cannot choose this type of ITR form. Taxpayers who have also selected the presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act 1961, must also choose this form.
02.
Eligibility Criteria
- Carrying on a business or profession
- Eligible for Presumptive Business Income only when the turnover/gross receipts does not exceeds Rs. 2 crore
- from Other Sources
Who cannot opt for this form?
The below-mentioned taxpayers and HUFs are not allowed to opt for ITR-4:
1. In case the gross income generated is higher Rs.50 lakh
2. In case any losses have been carried forward from previous years
3. In case the taxpayer has a signing authority at a place outside India
4. In case any investments were made in equity bonds unlisted at any time during the financial year
5. In case taxpayers have generated a foreign income or foreign assets
6. In case the income has been produced from more than one house property
7. In case the taxpayer is the Director of a company
8. In case the taxpayer is an NRI or an RNOR
ITR 4 form is submitted by taxpayers who file their income tax return under section 44AD of the Income Tax Act, 1961 to gain the benefits of presumptive taxation scheme. This scheme under section 44AD facilitates small scale businesses by saving them from the tedious task of maintaining their books and accounts. Â
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