ITR 4 Filing in Kolkata 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 Kolkata
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 Kolkata 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.
With IndiaFilings you can file ITR 4 returns in Kolkata easily in a paperless way. Talk to our filings expert today.
IndiaFilings has over 1 lakh customers and we have completed over 7 lakh services through our platform. At IndiaFilings, we take pride in the services delivered by us and guarantee your satisfaction with our services and support. We constantly improve and strive to deliver the best accounting, financial or secretarial services through the internet.
One Person Company | Nidhi Company | Company Registration | Tax Notice | Indian Subsidiary | HSN Code | Section 8 Company | Trademark Search | USA Company Registration | FSSAI Registration | Import Export Code | ESI Registration | Proprietorship | GST Return Filing | Patta Chitta | PF Registration | Payroll | Business Tax Return Filing | PF Return Filing | Eway Bill | GST Registration | TDS Filing | Udyam Registration | Trademark Registration | Startup India Registration | Professional Tax | Personal Tax Filing | Check Company or LLP name Availability
Partnership | Limited Liability Partnership | Digital Signature | Copyright Registration | Unified Portal | PAN Card Download | Nadakacheri | Flipkart Seller | Caste Certificate | IAY | EPFO Passbook | Domicile Certificate | Udyog Aadhaar | PF Withdrawal | Karnataka One | Encumbrance Certificate | Bonafide Certificate | Instant PAN Card | E PAN Card | Income Certificate | Marriage Certificate | Passport Renewal | Nivesh Mitra | MSME Registration | Experience Certificate | Trademark Status | Trade License | Domicile | eMitra | UAN | PICME | Resignation Letter Format | Ration Card | TNREGINET | RAJSSP | LLP Compliance | Form 16 | Police Clearance Certificate | OBC Certificate | Jamabandi | Mee Bhoomi | SC Certificate | UAN Login | eAadhaar Download | Linking Aadhaar To Bank Accounts | mAadhaar | Aadhaar Enrollment Centre | UAN Passbook | Amazon How to Sell | PAN Card Apply | EPFO Unified Portal