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Get Your Income-Tax Return (ITR-4) Filed by C.A.

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  • What is the ITR 4?
  • Who is required to file ITR 4?
  • Documents required to file ITR 4?

ITR 4 is a Form required to be filed in case the total turnover is less than Rs. 2 crores and scheme of  Presumptive Income is opted under various sections of the Income Tax Act.

Any Individual/HUF/Partnership Firm having:
Income from Business under section 44AD/ 44AE; where total turnover is less than Rs. 2 crores,
Income from Profession under section 44ADA; where total turnover is less than Rs. 2 crores,
Income from salary upto Rs. 50 lakh
Income from one House property upto Rs. 50 lakh
Income from other sources upto Rs. 50 lakh
  1. Adhaar Number
  2. GSTIN and turnover as per GST returns
  3. Salary details if any
  4. Details of Rent received in case of income from rent and rental agreement.
  5. Interest certificates if any
  6. Chapter VIA Investment details if any like:
    • i)Receipt of children’s school tuition fees.
    • ii) Life insurance premium receipt
    • iii) Principal repayment on your home loan.
    • iv) Equity Linked Savings Scheme/Mutual funds investment.
    • v) Mediclaim payment receipt etc.
  7. Bank Account details
  • Presumptive Income& its Taxation - under section 44AD
  • Presumptive Taxation under section 44AE
  • Presumptive Taxation under section 44ADA
In order to encourage small businessmen and to reduce the burden of documentation, section 44 AD has been introduced. According to this section, the income is based on the gross turnover/receipts of the taxpayer, and tax is calculated on estimated basis. Main features of section 44AD:
  • Incase gross turnover/receipts are in cash, net income is estimated at 8% of the total turnover/receipts.
  • Incase gross turnover/receipts are through digital mode of payment, the net income is estimated at 6%.
  • No requirement to maintain books of account.
  • No expense required to be deducted from the business income
Eligibility: Section 44AD is applicable to all business types except the following:
  • Commission/ Brokerage or Agency Business
  • Business of plying, hiring or leasing.
  • Professionals as they are covered under a different section of the Income Tax Act.

This option is available to those who are in the business of plying, hiring or leasing goods carriages.

 

Eligibility:

  • The taxpayer is in the business of plying. Hiring or leasing goods carriages.
  • The taxpayer should not own 10 goods carriages

 

 

Features of this scheme:

  • Net taxable income is calculated at the rate of Rs. 7500 per vehicle per month or part of the month during the year, owned by the taxpayer.
  • No requirement to maintain books of account
  • No business expense to be deducted from the net income.
This section is applicable to professionals having total receipts not exceeding 50 lakhs. The applicable rate to calculate income under this scheme is 50% of the total gross receipts during the financial year. Applicability: This scheme is applicable to the following professionals:
  • Medical
  • Engineering
  • Legal
  • Architectural Profession
  • Technical consultancy
  • Interior decoration
  • Accountancy Profession
Features of this scheme:
  • Rate applicable to calculate net income is 50% of the total receipts
  • No requirement to maintain books of account
  • Professionals opting this scheme need not get their books of accounts audited.
  • No business expense is allowed to be deducted from the net income

ITR-4 Return Filing FAQ’s

Section 44AD is not applicable to income from:

Business of plying, hiring or leasing goods carriage

Business of commission, brokerage or agency

Business where turnover exceeds Rs. 2 crores

Income from profession

No, any person opting for section 44AD, is not required to maintain books of account.

Any person who opts for section 44AD, is required to continue to declare his income under the same section for a period of five years. If at any time during those 5 years, he fails to do so, this scheme will not be applicable to him for next five years.

No, section 44AE specifically says the number of vehicles should not be more than 10.

No, any professional opting to declare his income under section 44ADA, is not required to maintain books of account.

No, any person opting for section 44AE, i.e. income from business of plying/ hiring or leasing at the rate of Rs. 7500 per month per vehicle, he is nor required to maintain books of account. Can the taxpayer declare a higher or lower income than what is mentioned in law? Yes, the taxpayer can voluntarily declare a higher income than the estimated rate under section 44AD/ 44ADA/ 44AE. In case the tax payer declares a lower income than the rate specified, he will be under obligation to maintain his books of account and also to get them audited.

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