Income Tax Returns – Form – 4 Filing

Income Tax Returns – Form – 4 Filing

ITR -4:- If they choose to use the presumptive taxation scheme to determine their taxable income, any individual who earns income from a business with a gross turnover of less than two crores and from a profession with a gross receipt of less than fifty lakhs must use this ITR-4 to report their income tax.

What is ITR -4

For taxpayers who have chosen to participate in the presumptive income scheme under Sections 44AD, 44ADA, and 44ADE of the Income Tax Act, the income tax return form they must submit is the ITR-4 form.

Who is required to file ITR – 4

• Business income under section 44AD
• Income from profession or 44AE calculated under section 44ADA
• Salary/ Pension having income up to Rs.50 Lakhs.
• Income from one house property having income up to 50 Lakhs
• Income from other sources having income up to Rs.50 Lakhs