What is ITR-4 Return ?

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.

Benefits

  • 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.

Process / Steps

01

Gather Documents

Collect all necessary financial documents, including income statements, bank statements, and receipts of expenses.

02

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.

03

Fill Out the Form

Enter personal details, income details, deductions, and tax payments in the form. Ensure accurate details to avoid discrepancies.

04

Verify Information

Double-check all entries for accuracy, including income details, deductions claimed, and tax payments made.

05

Submit the Form

File the form online through the Income Tax e-filing portal. If required, upload supporting documents as per the instructions.

06

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.

07

Receive Acknowledgement

After successful submission and verification, you will receive an acknowledgment receipt. Save it for future reference.

Documents required

  • 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.

Our Support?

  • 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.

Frequently Asked Questions

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.