What is the ITR 4?
The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3. itr 4
Who is required to file ITR 4?
- Business income under section 44AD or 44AE
- Income from profession calculated under section 44ADA
- Salary/pension having income up to Rs 50 lakh
- Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head);
- Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races).
How do I file my ITR-4 Form?
You can submit your ITR-4 Form either online or offline.
Offline:
- a. Individual is of the age of 80 years or more.
- b. The income of the individual is less than Rs 5 lakhs and who do not have to claim a refund in the income tax return
The return can be filed offline:
- a. By furnishing a return in a physical paper form
- b. By furnishing a bar-coded return
- c. The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.
Online/Electronically:
- a. By furnishing the return electronically under digital signature
- b. By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V
If you submit your ITR-4 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.
Remember that ITR-4 is an annexure-less form i.e. you do not have to attach any documents when you send it.
Income Tax Rate for Individuals – AY 2019-20
Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as follows.
Note: Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2019 – 20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.
Income Tax Rate for Individuals – AY (Current Year) 2019-20
- Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals less than 60 years - TAXABLE INCOMETAX RATE
- Up to Rs. 2,50,000Nil
- Rs. 2,50,000 to 5,00,0005 %
- Rs. 5,00,000 to 10,00,00020%
- Above Rs. 10,00,00030%
- Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals betwen 60 years and 80 years - TAXABLE INCOMETAX RATE
- Up to Rs. 3,00,000Nil
- Rs. 3,00,000 to 5,00,0005 %
- Rs. 5,00,000 to 10,00,00020%
- Above Rs. 10,00,00030%
- Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals above 80 years - TAXABLE INCOMETAX RATE
- Up to 5,00,000Nil
- Rs. 5,00,000 to 10,00,00020%
- Above Rs. 10,00,00030%
- Above Rs. 10,00,00030%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget)
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FAQs
The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.
ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2019-20 includes :Note : 1. Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs.
- a. Business income under section 44AD or 44AE
- b. Income from profession calculated under section 44ADA
- c. Salary/pension having income up to Rs 50 lakh
- d. Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head);
- e. Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races).
Note :
1. Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs.
ITR-4 cannot be filed by taxpayers who fall into the below category :
- Businesses with turnover of over Rs. 2 Crores
- Professionals with gross receipts exceeding Rs. 50 Lakhs
- In the above cases ITR-3 should be filed.
Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.
An individual having income from salary, house property or other sources above Rs 50 lakh cannot use this form.
An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.
- GEN: General information and Nature of Business
- BS: Balance Sheet as of March 31, 2018 of the Proprietary Business or Profession
- P & L: Profit and Loss for the Financial Year 2017-18
- OI: Other Information (optional if you are not eligible for audit under Section 44AB)
- QD: Quantitative Details (optional if you are not eligible for audit under Section 44AB)
- Part B summarizes the total income and tax computation with respect to income chargeable to tax.
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