Income Tax Return is a proof that the person has paid his  income tax. It contains the details about his  annual income and the amount of tax which he has  paid. Every year, Indian citizens who thus earn taxable income are required   to file Income Tax Return (ITR). Filing ITR will helps  him  in getting a refund in case he  pays  more tax than what he is required to pay.

However a return of income is thus a defined form which can list out the particulars of the  income and the taxes paid that are paid on the same by an individual, firm or an  organisation in a financial year. This thus in turn can be presented to the Income Tax Department. There are however differing forms for incomes of different status and nature and they are readily available on the online portal of the Income Tax Department of India.

There are currently nine different forms which are available for filing of income tax returns. They however go from ITR-1 to ITR-7 and also include the ITR-4S and ITR-V.

The purpose of this article is however to tell as to what is ITR 4 form .

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 income tax return is 30th September if the requirements of the 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 the 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 the assessee 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 for 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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