HUF (Hindu Undivided Family) and individuals who earn their income from proprietary business or those who are carrying on a profession need an ITR-4 Form to file their Income Tax Return online. For audit cases, the due date to file the return using ITR-4 form is 30th September whereas for non-audit cases it is 31st July. If the presumptive method of taxation is applicable, ITR-4S should be filed. ITR-4S is applicable when the gross turnover/receipt is less than 1 Crore. So the assessees who are carrying out a business or a profession under the presumptive income according to section 44AD and 44AE, but their turnover/gross receipt is more than 1 Crore have to file ITR-4 form.
Eligibility to file a return using ITR-4 form
The following are the conditions necessary to file a return using ITR-4 form:-
- The person must be carrying on a business or a profession,
- The person must be eligible for presumptive business income but his gross receipt must exceed 1 Crore.
- The return might include salary or pension
- The person can earn income from house property or other sources.
Filling out an ITR-4 Form
While filling an ITR-4 form, the following points must be kept in mind:-
- If any schedule or item is not applicable to you, strike it out and write ‘NA’ across it.
- If some nil figures are to be indicated, use ‘NIL’.
- For representing negative figures, use ‘-‘ sign.
- Total income/loss and tax payable are to be rounded off to the nearest multiple of ten and the rest figures are to be rounded off to the nearest rupee.
- Tick Government under the Employer category if you work for the state or central government and tick PSU if you work in a public sector company of the state or central government.
Filing your ITR-4 Form
The ITR-4 form can be filed online as well as offline. An offline form can be submitted by furnishing the return on a paper or by furnishing it in a bar-coded format. An online form can be submitted by filing the return online with a digital signature or by submitting the verification of the return in return form ITR-V after transmitting the data electronically. Assesses falling under the following category are required to file their income tax return electronically:-
- People earning more than 5 Lakh per year.
- People having assets outside India.
- People claiming relief under section 90/90A/91 to whom Schedule TR and Schedule FSI to apply.
If the form is submitted electronically with a digital signature, an acknowledgment is sent on the registered email id. It can also be downloaded manually from the income tax website. The form is then required to be sent to the CPC office of the Income Tax Department in Bangalore, within 120 days of e-filing.
For any help on ITR Filing feel free to consult the tax experts at Taxraahi. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, and Bulk Return.now !!