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Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

The Hindu Undivided Families (HUFs) and individuals who run a company or are in a profession with a presumed income use the ITR4 Form. To learn more, continue reading.

  • 3,521 Views | Updated on: Mar 21, 2024

Small company owners who do not keep books of accounts but keep a sales ledger in approximate volume must complete the current Income Tax Return (ITR) Form-4 to file income tax. Retailers, traders, wholesalers, manufacturers, etc., all fall under this category.

Freelancers in the digital media industry (web content writers, bloggers, vloggers, etc.) must complete and file ITR-4 online. In addition to the general public, professionals such as chartered accountants, physicians, attorneys, engineers, etc., must submit this form.

Individuals must file ITR-4 online form with a regular income source (such as a salary) and a non-regular source (such as freelance work or a side company). In addition, those who have financial gains from trading Futures and Options (F&O), cryptocurrencies, commodities, or foreign exchange must submit this form.

What is ITR-4 Form?

One of the forms that may be used to file income tax is the ITR-4 Sugam. It applies to taxpayers who have selected a presumptive income method. The procedures for this plan are described in Articles 44AD, 44AE, and 44ADA. Nonetheless, if the company’s annual revenue exceeds two crores, the taxpayer must submit form ITR-3.

Structure of ITR-4 Form

The ITR-4 form has been separated into many sections. Each section requests information about various facets of an individual’s tax return. But first, examine the ITR-4 form’s structure.

  • PART A comprises the basic information such as name, date of birth, and residence.
  • PART B includes the gross income from five types of pay such as salary, rental property, and other income.
  • PART C is for deductions and taxable income in its entirety.
  • PART D pertains to tax status and tax calculations.
  • SCHEDULE BP contains information about revenue from a company or profession.
  • SCHEDULE IT details advance tax payments and self-assessment tax payments.
  • ANNEX TCS is information on tax collected at the source.
  • SCHEDULE TDS-1 contains information on salary tax withholding.
  • SCHEDULE TDS-2 contains the particulars of tax deducted at source on all sources of income other than wages.

Eligibility Criteria

Here is a list of individuals that qualify for income tax ITR filing. If you fall into this group, you must file your tax returns using the ITR-4 form.

Individuals or Hindu Undivided Families that are RNOR (resident other than not usually resident) or a company that is not a Limited Liability Partnership but is a resident and has a taxable income of fewer than ₹50 lakhs for the fiscal year file form ITR-4.

Additionally, their earnings fall into the following categories:

  • Income derived from a business when it is determined on a presumptive basis following Section 44AD and the business has a gross turnover of up to ₹2 crores. Alternately, under Section 44AE, which pertains to income from up to ten freight carriages.
  • Gross receipts of up to ₹50 lakhs from a profession where income is determined on a presumptive basis according to Section 44ADA.
  • Remuneration from pay or pension.
  • Income from a residential property.
  • Other than the family pension, interest income from other sources is taxed.

How to Fill the ITR-4 Form

There are two methods for income tax ITR filing. The first is the internet mode, while the second is the offline mode. Learn how to file ITR.

Offline Filing Technique for ITR-4

You may only submit the ITR-4 form offline in the following instances.

  • If you are 80 or older, you are considered a super senior citizen
  • If your income is less than 5 lakhs and you do not need to seek a refund.

The process is as follows.

  • Provide the ITR-4 form on paper.
  • Deliver the barcoded return.
  • The Income Tax Department will give an acknowledgement after the actual paper has been received.

The Online Filing Procedure for ITR-4

Submit the ITR-4 form online using the e-filing portal at www.incometaxindiaefiling.gov.in. You can check the filings by any of the following methods.

  • Signing the verification section digitally.
  • Using EVC or electronic verification code for Aadhaar OTP authentication.
  • Filling out and mailing a copy of the income tax return verification form, ITR-V, to this address- Bangalore— 560500, Karnataka, Centralized Processing Centre, Income Tax Department. This ITR-V verification form should reach the office within 120 days of its submission. In addition, CPC will confirm receipt of ITR-V via the email address you used to register for e-filing. That’s how to file ITR-4 electronically!

Conclusion

The ITR-4 Sugam is one of the forms that can be used to file taxes and is available to taxpayers. It applies to taxpayers who have chosen to calculate their income using the presumptive approach—articles 44AD, 44AE, and 44ADA detail the processes that must be followed to implement this strategy.

    Key Takeaways

    The primary key takeaways about income tax ITR 4 filing are as follows:

  • The ITR-4 form can be filled in two modes, online and offline.
  • The ITR-4 form has a pretty descriptive structure.
  • Offline mode of ITR filing is applicable to those who are 80+ or considered super senior citizens.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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