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Filing income tax return using ITR-4

May 24, 2024
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What is ITR-4 Form?

ITR-4 is the Income Tax Return form for those who choose the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961. However, if your business turnover exceeds ₹2 crore, you’ll need to file ITR-3 instead.

The Eligibility Criteria for file ITR 4 for AY 2024-25:

Individuals/HUF/Partnership firms must submit ITR-4 if their total income for FY 2023-24 includes the following:
• 44AD or 44AE.
• Income from profession computed under Section 44ADA.
• Income covered by ITR 1.
Similar to ITR1, the total income from all sources combined should not exceed Rs. 50 lakh.
Chnages

Who is not Eligible for filing ITR-4?

  1. If you earn more than Rs 50 lakh from salary, house property, or other sources, this form isn’t for you.
  2. If you’re a director in a company or invested in unlisted equity shares, you can’t use this form.
  3. If you, your HUF, or partnership firm must maintain books of accounts as per the Income-tax Act, 1961, this form isn’t applicable.
  4. Resident but not ordinarily residents (RNOR) and Non-residents can’t use this form.
  5. This form isn’t for individuals who’ve earned income from:
    • More than one house property
    • Lottery, racehorses, legal gambling, etc.
    • Taxable capital gains (short-term and long-term)
    • Agricultural income exceeding Rs 5,000
  6. If you’re a resident with assets outside India or are a signing authority in any foreign account, this form isn’t for you.
  7. Individuals claiming foreign tax relief under section 90/90A/91 can’t use this form.
  8. If you’ve gained from Virtual Digital Assets (Crypto currency), this form isn’t applicable.
  9. Individuals for whom TDS has been deducted under Section 194N can’t use this form.

The ITR-4 modifications for AY 2024–2025 filing are listed below.

Below changes are incorporated in the ITR-4 form of the FY 2023-24:

Following the Finance Act 2023 amendments to Section 115BAC, the new tax regime is now the default for individuals, HUFs, AOPs, BOIs, and AJPs. If you prefer the old tax regime, you’ll need to actively opt-out. For those filing ITR-4, this means submitting Form 10-IEA to make the switch.

The updated ITR-4 form now includes a section to disclose amounts eligible for deduction under Section 80CCH. Introduced by the Finance Act 2023, Section 80CCH allows individuals enrolled in the Agnipath Scheme and contributing to the Agniveer Corpus Fund (starting from November 1, 2022) to claim a tax deduction for their total deposits into the fund.

The Finance Act 2023 has increased the turnover threshold for the presumptive taxation scheme under Section 44AD from Rs. 2 crores to Rs. 3 crores, as long as cash receipts don’t exceed 5% of total turnover or gross receipts. Similarly, Section 44ADA now has a raised threshold of Rs. 75 lakhs for gross receipts, provided cash receipts stay below 5%. The ITR-4 form now includes a new column in Schedule BP to disclose “receipts in cash,” including cheques or bank drafts that are not account payee.

√The “Receipts in Cash” section has been added to claim the higher turnover limit.

In the Finance Act of 2023, the turnover threshold for the presumptive taxation scheme under Section 44AD has been raised from INR 2 crores to INR 3 crores, given that cash receipts don’t exceed 5% of total turnover or gross receipts from the previous year. It’s clarified that cash now includes cheques or bank drafts not labeled “account payee.”

Similarly, the Finance Act of 2023 modified Section 44ADA to increase the threshold for gross receipts from INR 50 lakhs to INR 75 lakhs, provided that cash receipts do not surpass 5% of the total gross receipts from the previous year.

To implement the aforementioned changes, the CBDT has updated ITR forms to add a new column titled “receipts in cash” for disclosing cash turnover or cash gross receipts under Schedule BP.

√A new column was added to claim deductions under Section 80CCH.

In line with the Finance Act of 2023, a fresh provision, Section 80CCH, has been added. This section enables individuals who join the Agnipath Scheme and contribute to the Agniveer Corpus Fund from November 1, 2022, onwards to claim deductions for their contributions to the fund.

The latest ITR forms have been updated to include a new column where taxpayers can declare the amount eligible for deduction under Section 80CCH. This amendment ensures that individuals contributing to the Agniveer Corpus Fund through the Agnipath Scheme can accurately report their eligible deductions.

√The Structure of ITR-4.

ITR-4 is divided into parts as mentioned below: 

PART A: General Information
PART B: Gross total income from the five heads of income
PART C: Deduction and total taxable income
PART D: Tax computation and tax status
Schedule BP: Details of income from Business-Section 44AD, 44ADA and 44EA
Information regarding turnover/Gross receipts reported for GST
Financial Particulars of Business
Schedule IT, TCS and TDS 1: Statement of payment of advance tax and tax on self-assessment, tax collected at source and TDS from salary
Schedule TDS2: Statement of tax deducted at source on income other than salary.
Verification column

√How to file ITR on the government portal?

Here’s a step-by-step guide to filing your income tax return on the Income Tax e-Filing portal:

  1. Visit the Income Tax e-Filing portal: Go to https://www.incometax.gov.in/iec/foportal/
  2. Log in: Enter your user ID (PAN), password, and the captcha code. Then click ‘Login’.
  3. Access Income Tax Return: Click on the ‘e-File’ menu and select the ‘Income Tax Return’ link.
  4. Start Filing: Click on ‘Continue’ to begin the filing process.
  5. Read Instructions and Fill Form: Carefully read the instructions provided and fill in all applicable and mandatory fields of the online ITR form.
  6. Choose Verification Option: In the ‘Taxes Paid and Verification’ tab, choose the appropriate verification option:
    • I would like to e-verify
    • I would like to e-verify later within 120 days from the date of filing.
    • I don’t want to e-verify and would like to send a signed ITR-V through normal or speed post to “Centralised Processing Center, Income Tax Department, Bengaluru – 560 500” within 120 days from the date of filing.
  7. Preview and Submit: Click on the ‘Preview and Submit’ button to review all the entered data in the ITR.
  8. Submit ITR: After verifying all the information, click ‘Submit’ to file your ITR.
  9. E-Verification: If you choose the ‘I would like to e-Verify’ option, you can do so using one of the following methods by entering the EVC/OTP when prompted:
    • Aadhaar OTP
    • Net Banking
    • Bank Account EVC
    • Demat Account EVC
    • Bank ATM
    • Registered E-mail ID and Mobile Number
  10. Timely Entry of EVC/OTP: Enter the EVC/OTP within 60 seconds; otherwise, the Income Tax Return (ITR) will be auto-submitted. If auto-submitted, verify the ITR later using ‘My Account > e-Verify Return’ or by sending a signed ITR-V to CPC.

What is the due date for filing the ITR FORM 4?

The due date for filing ITR-4 (Income Tax Return form for individuals and HUFs having income from a proprietary business or profession) varies depending on the taxpayer’s category and certain conditions. As of my last update, typically the due date for filing ITR-4 for individuals not subject to tax audit is July 31 of the assessment year. However, it’s always advisable to check the latest updates from the Income Tax Department or consult with a tax professional for the most accurate and current information regarding due dates and any extensions.

FAQs (Frequently Asked Questions).

  1. What documents are needed to file ITR-4?
    • Documents like PAN card, Aadhaar card, bank statements, TDS certificates, details of income from business or profession, and receipts for claimed deductions are typically required.
  2. Can I file ITR-4 if I have income from other sources too?
    • Yes, you can file ITR-4 if you have income from sources like salary, house property, or other sources, in addition to income from business or profession.
  3. Is tax audit necessary for filing ITR-4?
    • Tax audit under section 44AB of the Income Tax Act is mandatory if the turnover or gross receipts from the business exceed the prescribed limit. However, certain taxpayers may be exempt from tax audit under specific conditions.
  1. Can I revise my ITR-4 after filing?
    • Yes, you can revise your ITR-4 within a specified time frame if you discover any errors or omissions in the originally filed return.
  2. How can I e-verify my ITR-4?
    • You can e-verify your ITR-4 using methods such as Aadhaar OTP, net banking, bank account EVC, demat account EVC, bank ATM, or through a registered email ID and mobile number.
  3. What should I do if I receive a notice regarding my ITR-4?
  •  If you receive a notice from the Income Tax Department regarding your ITR-4, you should respond to it within the stipulated time frame and provide the required information or documents as requested.

 

DISCLAIMER: The information provided in this ITR-4 form is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990777 or info@semantictaxgen.in. the appropriate government authority to verify the accuracy of the information and to obtain advice on their specific tax situations.

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