ITR-4 is an Income Tax Return form designed for individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who are residents of India and earn income from a profession or business. It is particularly used by those who opt for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE of the Income Tax Act.
ITR-4 Return (Income Tax)
ITR-4 is an Income Tax Return form designed for individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who are residents of India and earn income from a profession or business. It is particularly used by those who opt for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE of the Income Tax Act.
- Individuals, HUFs, and firms (except LLPs) opting for the presumptive income scheme under Sections 44AD, 44ADA, or 44AE.
- Total income up to ₹50 lakhs.
- Income sources: Business, profession, salary, one house property, and other sources like interest.
- No capital gains or foreign income/assets.
Not applicable if income exceeds ₹50 lakhs or if the taxpayer has income from more than one house property.
- Individuals, HUFs, and firms (except LLPs) opting for the presumptive income scheme under Sections 44AD, 44ADA, or 44AE.
- Simplified Reporting: Designed for those opting for presumptive taxation, simplifying income reporting.
- Presumptive Taxation Schemes: Allows taxpayers to declare income under the presumptive schemes, which may reduce the complexity of accounting.
- Deductions and Exemptions: Facilitates claiming deductions and exemptions to reduce taxable income.
- Compliance: Ensures adherence to tax regulations for those engaged in business or profession.
- Simplified Reporting: Designed for those opting for presumptive taxation, simplifying income reporting.
- Gather Documents: Collect all necessary financial documents, including income statements, bank statements, and receipts of expenses.
- Obtain Form ITR-4: Download the ITR-4 form from the Income Tax Department's official website or use a tax filing software that supports ITR-4.
- Fill Out the Form: Enter personal details, income details, deductions, and tax payments in the form. Ensure accurate details to avoid discrepancies.
- Verify Information: Double-check all entries for accuracy, including income details, deductions claimed, and tax payments made.
- Submit the Form: File the form online through the Income Tax e-filing portal. If required, upload supporting documents as per the instructions.
- E-Verify Your Return: Complete the e-verification process using methods such as Aadhaar OTP, net banking, or by sending a signed physical copy to the CPC office.
- Receive Acknowledgement: After successful submission and verification, you will receive an acknowledgment receipt. Save it for future reference.
- Gather Documents: Collect all necessary financial documents, including income statements, bank statements, and receipts of expenses.
- PAN Card: Proof of identification.
- Aadhaar Card: For e-verification.
- Income Statements: Such as salary slips, profit and loss accounts, and balance sheets.
- Bank Statements: For details of interest income and other financial transactions.
- TDS Certificates: For income tax deducted at source.
- Receipts of Expenses: For claiming deductions under sections 44AD, 44ADA, or 44AE.
- Proof of Investments: For claiming deductions under sections 80C, 80D, etc.
- PAN Card: Proof of identification.
- Consultation: Provide guidance on eligibility, tax-saving opportunities, and compliance requirements.
- Form Preparation: Assist in the accurate preparation of the ITR-4 form, including filling in details and calculating tax liabilities.
- Document Collection: Help in gathering and organizing the necessary documents and financial statements.
- Submission: Handle the online filing process to ensure timely submission of the return.
- E-Verification: Assist with the e-verification process to complete the filing.
- Follow-up: Monitor the status of the return and address any issues or queries from the Income Tax Department.
Filing ITR-4 is essential for individuals and entities earning income through profession or business and opting for presumptive taxation. Proper preparation and filing ensure compliance with tax regulations and can help avoid penalties.
SS Auditors provides comprehensive services to facilitate the entire ITR-4 filing process, from consultation to final submission and verification, ensuring a smooth and hassle-free experience for clients.
- Consultation: Provide guidance on eligibility, tax-saving opportunities, and compliance requirements.
Presumptive taxation schemes under sections 44AD, 44ADA, and 44AE simplify tax calculation by allowing income to be presumed at a certain percentage of gross receipts or turnover, reducing the need for detailed accounting.
If you have income from multiple sources, ensure that you report all sources accurately in the ITR-4 form and claim appropriate deductions.
Late filing can result in penalties and interest. It is crucial to file as soon as possible to avoid additional charges.
E-Verification can be completed using Aadhaar OTP, net banking, or by sending a signed physical copy to the CPC office, depending on your preference.
If you need to make corrections, you can file a revised return before the deadline for the financial year.
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The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
S S AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are general and high-level guidelines on how to write your own Shipping Policy. This article should not be relied upon as legal advice or specific recommendations, as we cannot foresee the exact shipping policies you wish to establish between your business and your customers. We recommend seeking legal advice to assist you in understanding and creating your own Shipping Policy.
Shipping Policy - The basics
A Shipping Policy is a legally binding document that establishes the legal relations between you and your customers. It provides a framework for outlining your obligations and addressing various potential issues that may arise, and what happens in each case.
A Shipping Policy is good practice and benefits both sides—you and your customers. Customers benefit from being informed about what to expect from your service, while you benefit because clear Shipping Policies can attract more customers by eliminating uncertainties about shipping timeframes or processes.