Income tax return for small business and self employed individuals | ITR-4 explained

What is ITR-4?

ITR-4 Form is the Income Tax Return form for taxpayers who chose a presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act. Nevertheless, if the sales of the business cited above exceed Rs 2 crores, the taxpayer will need to file ITR-3. 

Eligibility criteria for applying ITR-4

 ITR-4 can be listed by a Resident Individual / HUF / Firm (other than LLP) for the following specifications: Individual, HUF, Partnership firm other than LLP. Income from Business and Profession which is calculated on a presumptive basis u/s 44ADA, 44AD or 44AE Other references comprise (excluding Income from Race Horses and gains from the lottery): Interest from Savings Account Interest from Income Tax Refund Family Pension Interest from Deposits Any other Interest Income (for example- Interest Income from an unsecured loan)

Comments

Post a Comment

Popular posts from this blog

How to file Income Tax Return for Income from Business and Profession| ITR 3 filing| JR compliance

  ITR-3 is a form that is relevant for resident individuals and Hindu Undivided Families (HUFs). An income Tax return with an ITR-3 form is carried out when the assessee has a regular income from a profession or a proprietorship business. Accordingly, if a person earns an income through a business or a profession belonging to medicine, architecture, accountancy, etc, you can go ahead with the ITR-3 process! Now that you’re familiar with the crux of the ITR-3 form, let’s dive into the eligibility criteria for the same. Who can apply for ITR-3? Income generated from one or multiple house properties. Income assets dwelled in a country outside India. Income earned from short or long-term capital gains Income from a profession pertaining to medicine, architecture, accountancy, etc Rewards benefited from activities such as horse racing, winning a lottery, etc coming in the category of ‘Income from Other Sources. Last but not least, a business executed under a proprietorship firm, denoti...
Read more

Income Tax Return for Partnership Firm and Company | How to file ITR 5 and 6

  ITR 5 needs to be filled by Limited Liability Partnership (LLP) Association of Persons (AOP) Body of Individuals (BOI) Partnership firms Limited Liability Partnership (LLPs) If you are a partner in a partnership firm, you are not required to file ITR 5, instead, the partnership firm will file it on your behalf. In order to file ITR-6, the company should be incorporated under the Companies Act, 1956 or 2013. If the turnover, sales, or gross receipts exceed more than Rs.1 crore in the prior financial year the entity must acquire the accounts audited from a certified Chartered Accountant. If the turnover, sales, or gross receipts exceed more than Rs.1 crore in the prior financial year the entity must acquire the accounts audited from a certified Chartered Accountant. #itr5 #itr6 #llp #incometax #tax
Read more