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Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
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.
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.
The primary key takeaways about income tax ITR 4 filing are as follows:
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.
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.
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.
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:
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.
You may only submit the ITR-4 form offline in the following instances.
The process is as follows.
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.
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.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
