ITR 4 Filing in Kannur is for the taxpayers who have opted the file the Income-tax returns under the presumptive taxation scheme. The presumptive taxation scheme allows the small taxpayers exemption from maintaining the books of accounts.
What is the presumptive taxation scheme?
By opting for a presumptive taxation scheme the small taxpayers are exempted from maintaining the books of accounts. The net income is estimated to be 8% of the gross cash receipts. But for the payments that are received via the digital mode, the net income is assumed to be 6% of such gross receipts. Here, under the presumptive taxation scheme deduction of any business expense against the income is not allowed. The owner of the business has to pay 100% Advance tax by the 15th of March.
Under the Presumptive taxation scheme, there is no need to comply with the quarterly installments of the due date of the Advance tax ( i.e in June, September, December)
Amendments to the ITR 4 Return filing in Kannur
A taxpayer who is making cash deposits of above Rs.2 crore with the bank, incurring expenses of more than Rs 2 lakh on foreign travel, has electricity bills of Rs.1 lakh should file ITR 1. Here the taxpayer has to indicate the amount of the deposit or the expenses that have been incurred.
Under Part A the Government checkbox stands changed to the 'Central Government' and 'State Government' and a checkbox 'Not applicable' has also been introduced under the 'Nature of Employment Section.
The ITR 4 Returns filed in Kannur under the section have been segregated as normal filing and filings that are a response to the notices.
Schedule VI A has been amended to include the deduction under Section 80EEA and Section 80EEB. Here Under Section 80 G, the details of donations made can be provided.
In schedule BP, the gross turnover or the gross receipts are required to include the revenues that are received from the electronic modes that are prescribed before the specified date.
Tax deduction details also claim for the investments or the payments or the expenditure that is made between 1 April 2020 to June 30 June 2020.
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