ITR 4 Form Filing

ITR-4 is an Income Tax Return form designed for individuals and Hindu Undivided Families (HUFs) who opt for the presumptive taxation scheme. This scheme allows taxpayers to pay a fixed percentage of their gross turnover as tax, without the need for detailed accounting records.

Key Sections of ITR-4:

1. Personal Information:
   • Basic details like name, PAN, date of birth, etc.
2. Income and Expenditure:
   • Gross turnover from business or profession
   • Deductions allowed under the Income Tax Act
   • Taxable income based on the presumptive taxation scheme
3. Tax Paid:
   • Advance tax, TDS, and self-assessment tax paid
4. Tax Payable/Refundable:
   • Calculation of tax liability or refund due
5. Verification and Signature:
   • Digital signature of the taxpayer

How to File ITR-4:

1. Log in to the Income Tax e-Filing Portal:

   • Visit the official Income Tax e-Filing portal and log in using your PAN and password.

2. Select ITR-4:

   • Choose ITR-4 as the appropriate form for your income profile.

3. Fill in the Details:

   • Provide accurate information about your gross turnover and other relevant details.

4. Verify and Submit:

   • Review all the information entered to ensure accuracy.
   • Digitally sign the return using your Digital Signature Certificate (DSC) or Aadhaar OTP.
   • Submit the return.

Important Considerations:

• Timely Filing: File your ITR-4 before the due date to avoid penalties.
• Accurate Information: Provide accurate and complete information to avoid discrepancies and potential audits.
• Record Keeping: Maintain basic records of your business or profession.
• Professional Help: If you find the process complex, consult a tax professional or CA.
• E-Verification: E-verify your return to avoid delays in processing.