ITR-4 Filing

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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

 

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

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Income Tax - ITR4 - Filing

Who is Eligible to file Form ITR 4?

  • Business Income under Section 44AD/Section 44AE.
  • Income from a profession as per Section 44ADA.
  • Income up to Rs. 50 lakh from Salary or Pension.
  • Income up to Rs. 50 lakh from One house property (that does not include the brought forward loss o loss that is to be brought forward under this head)
  • Income from other sources up to Rs.50 lakh (does not include winning from lottery or horse races)
  • Form ITR 4 can also be filed by the freelancers if the income is not exceeding Rs.50 lakh.

Who is not eligible for ITR 4 Form?

  • Holds Directorship in a company
  • Holds any unlisted equity shares at any time during the previous year
  • Has assets/financial interest in an entity outside India
  • Has signing authority in any account outside India
  • Has income from a source located outside India
  • Has profits from a business or profession which is not required to be computed under sections 44AD, 44ADA, or 44AE, like income from a speculative business, commission, brokerage, etc.
  • Makes Capital Gains
  • Has income from more than one house property
  • Has income under the head “other sources“ from winning the lottery, horse races, income taxable at special rates u/s 115BBDA or 115BBE
  • Has income which is to be apportioned under the provisions of Section 5A
  • Has agricultural income exceeding INR 5,000
  • Has any brought forward loss or loss which is to be carried forward under any income head
  • Has loss under “income from other sources”
  • Has a claim of relief under Sections 90, 90A or 91
  • Has any deduction claim under Section 57 (except deduction relating to family pension)
  • Has claim of tax credit which has been deducted at source in the hands of another person
  • Has joint ownership in house property (inserted in AY 20-21).
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