Income Tax Return 4 (ITR-4) Filing


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    Income Tax Return 4 Filing (ITR-4 Form Filing)

    The taxpayers who have opted for the presumptive income scheme under Sections 44D, 44DA, and 44AE of the Income Tax Act,1961 and whose income is not more than ₹50 lakh, need to file ITR-4 Form.

    But, this is subject to the business turnover limit. So, in case if the turnover exceeds ₹2 Crore then the taxpayer would be required to file ITR-3.

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

    How can you file ITR-4 form Online or Electronically?

    You can file the ITR-4 form online:

    • By furnishing the return electronically under digital signature:
      If you submit your ITR-4 Form electronically under digital signature, the acknowledgment will be sent to your registered email id. You can also download it manually from the income tax website.
    • By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V: You need to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.

    Please note that ITR-4 is an annexure-less form, that is, you do not have to attach any documents when you send it.

    Eligibility to File ITR-4 Form for FY 2021-22

    Now, the taxpayers can choose between the old and new tax regimes. However, this decision is to be taken at the beginning of the financial year.

    Who can file ITR-4 Form?

    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 ITR-4 Form?

    • An individual having income from salary, house property, or other sources above ₹50 lakh cannot use this form.
    • An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.
    • An individual, HUF, or partnership firm whose books of accounts should be audited under the Income Tax Act, 1961.

    Components of ITR-4 Form

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    (All inclusive)

    Frequently Asked Questions

    ITR-4 must be filed by individuals or HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961.

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

    1. Businesses with a 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.

    Use the ITR-4 form 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, the return may also include income from House property, Salary/Pension, and Income from other sources

    The due date for filing income tax returns for individuals is 31st July and for Businesses, it is 30th September.

    Get your ITR-4 Form filing done today!