ITR Form-4

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Income Tax Return Form-4

Individuals and Hindu Undivided Families who seek to disclose their income from a business or profession under the Presumptive Income Scheme of Income Tax under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act should use the ITR-4 Form.

ITR Form has total 7 types which is known as follows.

ITR Form -1 ,  ITR Form -2 , ITR Form -3 , ITR Form -4 ,ITR Form -5 , ITR Form -6 , ITR Form -7.

Eligibility To File ITR-4

If his gross receipts are not greater than Rs 50 lakhs, a professional carrying out a profession listed under section 44AA, such as a doctor, might pick the scheme under section 44ADA and declare 50% of his gross receipts as income. Engineers, filmmakers, accountants, interior designers, and technical consultants can all benefit from this arrangement. If their gross receipts are less than Rs 50 lakhs, freelancers in any of the above professions can also apply under this plan.
If your gross earnings from the business are less than Rs 2 crore, you can choose the programme under section 44AD if you receive income from an approved business.
A person who is in the goods transportation industry and owns no more than 10 goods carriages and has chosen the Section 44AE presumptive taxation system.
A person who earns a living via a salary or pension.
A person who earns money from a single home.
A person who earns money from a variety of sources (not including income from Winning from Lottery and Income from Race Horses)

Structure Of ITR

ITR is Made up of the following section :

Part A : General Information
Part B : Total gross income from the five sources
Part C : Total taxable income and deductions
Part D : Calculating taxes and determining your tax status
On the return, verification and signatures are required.

The Companies Financial Situation :

Schedule AL : Assets and liabilities at the end of the year.
Schedule IT : Payment of advance tax and self-assessment tax statement.
Schedule-TCS : Statement of tax collected at source.
Schedule TDS1 : Statement of tax deducted at source on salary .
Schedule TDS2 : Statement of tax deducted at source on non-salary income.
Supplementary Schedule : TDS1, TDS2, IT, TCS

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