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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Individuals, HUFs (Hindu Undivided Families), and firms that opt for a presumptive income structure can ITR fill out form 4.
Have you ever wondered how small business owners who don’t maintain formal books of accounts but keep a sales ledger file their Income Tax Returns (ITR)? The answer lies in the ITR-4 form. What is ITR 4? This form is used by retailers, traders, wholesalers, manufacturers, and others in similar categories.
Freelancers in the digital media industry, such as web content writers, bloggers, and vloggers, must also complete and file ITR-4 online. Additionally, professionals like chartered accountants, doctors, lawyers, and engineers must submit this form.
Individuals with regular income sources (such as salaries) and non-regular sources (such as freelance work or side businesses) must file the ITR-4 form online. This also applies to those with financial gains from trading in Futures and Options (F&O), cryptocurrencies, commodities, or foreign exchange.
One of the forms that may be used to file income tax is the ITR-4 or Sugam form. 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.
There are two methods for filing income tax ITR. The first is the online mode, while the second is the offline mode. Learn how to file ITR 4.
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 using any of the following methods.
Any individual, HUF, or firm can file ITR 4 form if:
ITR 4 form cannot be filled by individuals, HUF, and firms who:
The ITR-4 form has been separated into many sections. Each section requests information about various facets of an individual’s tax return. First, the structure of the ITR-4 form must be examined.
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.
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:
Taxpayers who are ITR 4 filing are required the following documents:
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.
1
Yes, you can file your ITR-4 offline if you are 80 years or older, have an income of less than ₹5 lakhs, and do not claim any refunds.
2
Failing to disclose certain income is considered misreporting of income under section 270A of the Income Tax Act. You will be fined 200% of the tax due on the misreported income.
3
Business income is calculated according to section 44AD of presumptive taxation. Your net income is 8% of your turnover, and if you have non-cash receipts, then 6% of your receipts are considered your net income.
4
Yes, you can claim deductions under 80C PPF, ELSS mutual funds, and insurance.
5
Yes, it is mandatory to maintain books of accounts while filing ITR-4. If your income exceeds ₹1,20,000 or your gross receipts exceed ₹10 lakhs in the preceding three years.
6
To complete the ITR 4 form online, you can visit the Income Tax Department’s e-portal and file the ITR using digital signatures or by electronically verifying through EVC(Electronic Verification Code).
7
If you have already filled half of the ITR in online mode and wish to change the mode from online to offline, you can import the draft ITR filled.
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.
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
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
