The ITR 4 form is for the taxpayers who have opted for the presumptive income scheme. The income tax return form can only be filed when the business is having an annual turnover of less than Rs. 2 crores . If the turnover is more than Rs. 2 crores, then ITR form 2 is filled.

Who can’t fill ITR-4 Form?

also read: income tax filers: are you aware of these 5 changes in Itr?

The following are the taxpayers who cannot file ITR form:

  • Individuals whose income includes the income of more than one property (house).
  • If incomes is from lottery and racehorses.
  • If income is chargeable under Capital Gains.
  • If income from a source that is outside India.
  • Agricultural income of more than 5,000.
  • Special income and income from speculative business.

What is required to fill in Form?

Report By Income Tax Department, 80% Increase In ITR In Last 4 Years

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The form can be filled by Individuals/HUF/partnership firm for the AY 2018-19. The following are the income sources:

  • Business Income (Section 44AD or 44AE)
  • Income from the profession (section 44ADA)
  • Pension/salary
  • Freelancers if their gross income is not above Rs. 50 lakhs
  • Income from one house property

How to file the ITR-4?

also read: income tax e-filing: easiest way to file income tax in india

The users have the option of filling ITR 4 form online as well as offline. To fill the form online, the following is the method:

  • By providing the digital signature
  • By providing the data under electronic verification code
  • By transmitting the data and submitting it

The following is an offline method:

  • By providing the return in a hard copy/ physical paper form
  • Providing bar-coded return

The IT department will issue an acknowledgment when you will submit physical paper ITR 4 form.

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