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The Indian Government specifies seven income tax returns categories for its citizens. Among these is the ITR-4. ITR-4 is filed by partnerships/HUF/individuals/business owners (manufacturers, wholesalers, online sellers, etc.) whose net income of 2021-22 is up to ₹50 lakhs subject to other conditions. You can check out the eligibility rules of who needs to file this return.
Also, through this article, we will give you detailed, step-by-step points on how you can file the ITR file online and offline. Let's get started on the important details of the ITR-4 form.
The ITR-4 Sugam is one of the income tax returns forms. It is for those taxpayers who have opted for a presumptive income scheme. This scheme has been outlined in Section 44AD, Section 44AE, and Section 44ADA. Note, however, that if the business's turnover exceeds ₹2 crores in case of 44AD and 50 lakhs and in case of 44AE the assessee owned more than 10 vehicles at any time during the financial year then the taxpayer needs to file ITR-3.
The ITR-4 form has been divided into several parts. Each part takes information regarding different aspects of an individual's tax declaration. Take a look at the ITR-4 structure!
Here is a list of who is eligible for ITR-4. If you fall under this category, you should declare your returns under the ITR-4 option.
The ITR-4 is filed by individuals or Hindu Undivided Families who are RNOR (resident other than not ordinarily resident) or a firm which is not a Limited Liability Partnership but is a resident and has an income not exceeding ₹50 lakhs for the year 2021-22. Also, their revenues fall under the following heads:
Points to Note:
These were the ITR-4 eligibility rules.
While it is necessary to understand who needs to file the ITR-4 form, there is also a category of persons who do not need to file this form. Who these people are for the annual year 2021-22 is listed below:
The ITR-4 returns do not have to be filed by a person who:
Also, according to Section B, a person cannot use these returns if they have income from any of the following categories acquired in the previous year:
Further Section C specifies that a person cannot use this form if they have any claims of loss/deduction/relief/tax credit under the following categories:
Persons who fall under these categories do not have to file tax returns under the ITR-4 category.
There are two ways in which you can file the ITR-4 form. One is through the online method, and the other is through the offline mode. Let's find out how to file ITR-4.
You can file the ITR-4 form offline only in the following cases:
Here's the process of how you can file the ITR-4 form.
The Income Tax Department will issue an acknowledgement once they have received the physical paper. That answers how to file ITR-4 offline.
Next, learn about the online process.
File the ITR-4 form electronically on the e-filing web portal https://www.incometax.gov.in/iec/foportal/. You can verify the filings in any of the following ways:
Centralized Processing Centre, Income Tax Department, Bengaluru— 560500, Karnataka.
This verification form ITR-V should reach the office within 30 days from filing the form. Also, CPC will confirm the receipt of ITR-V to you on the email you have used to register for e-filing.
That's how to file ITR-4 online!
There are a couple of major changes for filing the ITR-4 for the annual year 2021-22. They are as shown below:
The taxpayer should indicate the amount of expense or deposit.
These were the changes in ITR-4 for the annual year 2021-22.
In conclusion, we have told you how to file ITR-4 and what ITR-4 means. Complete filing of your income tax returns today!
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