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The ITR-4 Form is applicable for individuals or HUFs who have income from proprietary business or are carrying on a profession.
If the requirements of audit are applicable, the due date of filing of return is 30th September. Otherwise, usually the due date of filing of return for non-audit cases is 31st July.
In case the presumptive method of taxation is applicable (Section 44AD and Section 44AE of the Income Tax Act), ITR-4S must be filed.
Since ITR-4S is applicable where gross receipts/turnover is less than Rs 1crore; assesses who are carrying out business or profession under presumptive income as per section 44AD & 44AE of the Income Tax Act but have turnover/gross receipts of more than Rs. 1 crore; will have to file ITR-4.
Who is eligible to file using the ITR-4 Form?
Carrying on a business or profession
Eligible for Presumptive Business Income but where Turnover/Gross Receipts exceeds Rs. 1 crore
Return may include Salary/Pension
Earn Income from House Property
Earn Income from Other Sources
What is the structure of the ITR-4 Form?
ITR-4 is divided into:
Part A-GEN: General 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 (optional in a case not liable for audit under Section 44AB)
Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)
Part B: Outline of the total income and tax computation in respect of income chargeable total tax.
After this there are 35 schedules.
Schedule-S: Computation of income under the head Salaries.
Schedule-HP: Computation of income under the head Income from House Property
Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
Schedule ESR: Deduction under section 35 (expenditure on scientific research)
Schedule-CG: Computation of income under the head Capital gains.
Schedule-OS: Computation of income under the head 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: Computation of deduction under section 10A.
Schedule- 10AA: Computation of deduction under section 10AA.
Schedule- 10B: Computation of deduction under section 10B.
Schedule- 10BA: Computation of deduction under section 10BA.
Schedule 80G: Statement of donations entitled for deduction under section 80G.
Schedule- 80IA: Computation of deduction under section 80IA.
Schedule- 80IB: Computation of deduction under section 80IB.
Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
Schedule VIA: Statement of deductions (from total income) under Chapter VIA.
Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assesse in Schedules-HP, BP, CG and OS.
Schedule SI: Statement of income which is chargeable to tax at special rates
Schedule-IF: Information regarding partnership firms in which assessee is a partner.
Schedule EI: Statement of Income not included in total income (exempt incomes)
Schedule IT: Statement of payment of advance-tax and tax on self-assessment.
Schedule TDS1: Statement of tax deducted at source on salary.
Schedule TDS2: Statement of tax deducted at source on income other than salary.
Schedule-TCS: Statement of tax collected at source.
Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
Schedule FA: Statement of Foreign Assets.