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Income Tax Return (ITR) 4 Filing Form

Form ITR-4 is filed by the taxpayers who have opted for the presumptive income scheme under Sections 44D, 44DA, and 44AE of the Income Tax Act,1961.

However, this is subject to the business turnover limit i.e, in case if the turnover exceeds Rs.2 Crore then the taxpayer would be required to file ITR-3.

Presumptive Taxation scheme is a scheme that has exempted the small taxpayers from maintaining the books of accounts.

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 Eligible to File ITR 4 for Fy 2021-22?

Who can file Form ITR-4?

Form ITR-4 is to be filed by those individuals whose income comes from the following sources:

  • Business Income under Section 44AD/Section 44AE
  • Income from profession as per Section 44ADA
  • Income up to INR 50 lakhs from Salary/Pension
  • Income up to INR 50 lakhs from One House Property (does not include brought forward loss or loss to be brought forward under this head)
  • Income from other sources up to INR 50 lakhs (does not include winning from lottery or horse races)
  • Form ITR-4 can also be filed by freelancers in case their income does not exceed INR 50 lakhs.

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)

Pay as you go grow pricing

All Inclusive Pricing - No Hidden Fee

Basic

2899

all inclusive fees

Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

Premium

9899

all inclusive fees

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

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

Features of Presumptive Taxation Scheme

What are the features of the presumptive taxation scheme?

Under presumptive taxation scheme, there is no requirement to maintain the books of accounts

The net income is estimated to be 8% of gross cash receipts. However, for payments received via digital mode, the net income is assumed to be 6% of such gross receipts.

Deduction of any business expense against this income is not allowed.

The business owner has to pay 100% Advance Tax by the 15th of March. There is no need to comply with quarterly installments of due dates of Advance tax (i.e. in June, Sep, Dec)

Presumptive taxation scheme

Small businessmen Professionals Transporters
Applicable Income Tax Section Section 44AD Section44ADA Section44AE
Eligible business The taxpayer may be in any wholesaling, retailing, trading, civil construction, or any other business
  • Legal services
  • Technical consultancy
  • interior decoration
  • Engineering and architectural
  • Medical
Entities of business involved in hiring, plying, or leasing of goods carriages
Maximum turnover limit Up to Rs 2 crore in a year Annual receipts of not more than Rs.50 lakh. Owning not more than 10 goods vehicle during the year.
Computation 8% of total receipts and electronic receipts shall be charged at 6% of gross turnover during the year. 50% of gross receipts. A higher-income of more than 50% can be declared ₹ 7,500 per vehicle per month or part thereof based on the duration for which the vehicle was owned by the person during the year
Deductions allowed No further deductions and exemptions are allowed No further deductions and exemptions are allowed No further deductions and exemptions are allowed
(A partnership can claim deduction and interest to the partners from the computed income at RS. 7500 vehicle per month)

Amendments to ITR-4 in 2020-21

A taxpayer who meet the criteria:

  • making cash deposits above Rs. 2 crores with the bank
  • incurring expenses above Rs. 2lakh on foreign travel
  • electricity bills of Rs. 1 lakh should file ITR-1

The taxpayers must indicate the amount of the deposit or the expenses incurred

Under Part A, the "Government" checkbox stands changed to "Central Government" and "State Government" and a checkbox 'Not applicable has been introduced under the 'Nature of employment' Section.

Returns filed under the section have been segregated as normal filings and filings in response to notices.

Schedule VI-A for the tax deduction has been amended to include deduction under Section 80EEA and Section 80EEB. Under section 80 G a drop-down is provided to enter details of the donations.

In Schedule BP, the gross turnover or gross receipts are required to include revenues from the prescribed electronic modes received before the specified date.

Tax deduction details claims for investments or payments or expenditure made between 1 April 2020 to 30 June 2020.

Frequently asked questions

Who can use ITR-4 Form ?

ITR-4 must be filed by individuals / HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

Who should not file ITR-4 Form ?

ITR-4 cannot be filed by taxpayers who fall into the below category :

  1. Businesses with turnover of over Rs. 2 Crores
  2. Professionals with gross receipts exceeding Rs. 50 Lakhs

In the above cases ITR-3 should be filed.
Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.

When should ITR-4 be filed ?

ITR-4 form is to be used when the assessee has income that falls into the below category :

  1. Income from carrying on a profession and has opted for presumptive income scheme as per section 44 ADA
  2. Income from Proprietary Business and has opted for presumptive income scheme as per section 44 AD or section 44AE
  3. Along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources

What is the due date for filing ITR-4 Form ?

Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.

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Last updated: June 07, 2021

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