The ITR 4 Form is relevant for individuals or HUFs that owe income from proprietary business or are carrying on a profession.The due date for filing IT return is 30th September if the requirements of audit are applicable or else, usually the due date of filing return for non-audit cases is usually 31st July.

ITR-4S must be filed if presumptive means of taxation is applicable (Section 44AD and Section 44AE of the Income Tax Act),

As ITR-4S is valid where gross receipts/turnover is below Rs 1crore.As per section 44AD & 44AE of the Income Tax Act assesses who are in business or profession however have turnover/gross receipts above Rs. 1 crore; have to file ITR 4.

Who is eligible to file ITR 4 Form?

Assesses those are suitable to file using the ITR 4 Form are as follow:

  • Carrying on a business or profession
  • Suitable for Presumptive Business Income but where Turnover/Gross Receipts is more than Rs. 1 crore
  • Return may consist of Salary/Pension
  • Income earned through House Property
  • Income earned from other sources

Structure of the ITR 4 Form

ITR-4 Form is divided into following parts and 35 schedules as listed below:

Part A

  • Part A-GEN: General/Basic information and Nature of Business.
  • Part A-BS: Balance Sheet as of March 31, 2015 of the Proprietary Business or Profession.
  • Part A-P&L: Profit and Loss for the Financial Year 2014-15.
  • Part A-OI: Other Information (non-compulsory if not liable for audit under Section 44AB).
  • Part A-QD: Quantitative Details (non-compulsory if not liable for audit under Section 44AB).
  • Part B: Summarization/Outline of the total income and tax computation in respect of income chargeable total tax.
  • Verification/Authentication

35 schedules

  • Schedule-S: Calculation of income under the head Salaries.
  • Schedule-HP: Calculation of income under the head Income from House Property.
  • Schedule-DPM: Calculation of depreciation on plant and machinery under the Income-tax Act.
  • Schedule DOA: Calculation of depreciation on other assets under the Income-tax Act.
  • Schedule DEP: Summing up of depreciation on all the assets under the Income-tax Act.
  • Schedule DCG: Calculation of deemed capital gains on sale of depreciable assets.
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Calculation of income under the category Capital gains.
  • Schedule-OS: Calculation of income under the category Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year’s losses.
  • Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule CFL: Statement of losses to be carried forward to future years.
  • Schedule- UD: Statement of unabsorbed depreciation.
  • Schedule- 10A: Calculation of deduction under section 10A.
  • Schedule- 10AA: Calculation of deduction under section 10AA.
  • Schedule- 10B: Calculation of deduction under section 10B.
  • Schedule- 10BA: Calculation of deduction under section 10BA.
  • Schedule 80G: Statement of donations entitled for deduction under section 80G.
  • Schedule- 80IA: Calculation of deduction under section 80IA.
  • Schedule- 80IB: Calculation of deduction under section 80IB.
  • Schedule- 80IC/ 80-IE: Calculation of deduction under section 80IC/ 80-IE.
  • Schedule VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule SPI: Statement of income due to spouse/ minor child/ son’s wife or any other individual or association of persons to be included in the income of assesse in Schedules-HP, BP, CG and OS.
  • Schedule SI: Statement of income that is chargeable to tax at special rates
  • Schedule-IF: Information concerning partnership firms in which assessee is a partner.
  • Schedule EI: Statement of Income excluded in total income (exempt incomes).
  • Schedule IT: Statement of payment of advance-tax and tax on self-assessment.
  • Schedule TDS1: Statement TDS on salary.
  • Schedule TDS2: Statement of tax deducted at source on income EXCEPT salary.
  • Schedule-TCS: Statement of tax collected at source (TCS).
  • Schedule TR: under section 90 or section 90A or section 91, Statement of tax relief claimed.
  • Schedule FA: Statement of Foreign Assets.

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