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 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-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.
- 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.