Income Tax Return (ITR) 4 Filing Form

What is the process of filing Form ITR-4?

ITR-4 can be submitted both online and offline as well.

Offline

The following individuals can file offline form:

• Individuals at the age of 80 years or more
• The individual's income is less than Rs.5 Lakh and he does not have to claim a refund in the income tax return

ITR 4 can be filed offline :

• By furnishing a return in a physical paper form
• By furnishing a bar-coded return (An acknowledgment will be issued at the time of submission of the physical paper return)

Online/Electronically

• By furnishing the return digitally using the digital signature.
• By transmitting the data electronically and then submitting the verification of the return made in Form ITR-V.

If the ITR-4 Form under digital signature then an acknowledgment will be sent to the registered email id.

Who is not eligible to file Form ITR-4?

The following individuals need to file ITR-4:

• Holds Directorship in a company
• Holds any unlisted equity shares at any time during the previous year
• Has assets/financial interest in an entity outside India
• Has signing authority in any account outside India
• Has income from a source located outside India
• Has profits from a business or profession which is not required to be computed under sections 44AD, 44ADA, or 44AE, like income from a speculative business, commission, brokerage, etc.
• Makes Capital Gains
• Has income from more than one house property
• Has income under the head "other sources" from winning the lottery, horse races, income taxable at special rates u/s 115BBDA or 115BBE
• Has income which is to be apportioned under the provisions of Section 5A
• Has agricultural income exceeding INR 5,000
• Has any brought forward loss or loss which is to be carried forward under any income head
• Has loss under “income from other sources”
• Has a claim of relief under Sections 90, 90A or 91
• Has any deduction claim under Section 57 (except deduction relating to family pension)
• Has claim of tax credit which has been deducted at source in the hands of another person
• Has joint ownership in house property (inserted in AY 20-21)

What are the components of Form ITR-4?

The structure of Form ITR-4 is as follows

• Part A: General Information
• Part B: Gross total income under the five heads of income
• Part C: Deductions and Total Taxable Income
• Schedule BP: Details of Income from Business
• Schedule 80G: Details of Donations entitled for deduction under Section 80G
• Schedule IT: Statement of payment of advance tax and tax on self-assessment
• Schedule- TCS: Statement about Tax Collected at source
• Schedule TDS1: Statement of Tax Deducted at Source on Salary
• Schedule TDS2: Statement of tax deducted at source on income apart from salary
• Verification column

Presumptive taxation scheme

Frequently asked questions