Who is required to file ITR 4?
If you submit your ITR-4 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.
Remember that ITR-4 is an annexure-less form i.e. you do not have to attach any documents when you send it.
The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.
ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2019-20 includes :Note : 1. Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs.
Note: Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs.
ITR-4 cannot be filed by taxpayers who fall into the below category :
Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.
An individual having income from salary, house property or other sources above Rs 50 lakh cannot use this form.
An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.
