ITR WITH INCOME UNDER PRESUMPTIVE TAXATION SCHEME (ITR-4)
ONLY at ₹2,360/- all inclusive*
Inclusions:
- Filing of ITR -4
- Preparation of Computation
- Tax Planning
*Inclusive of GST.
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List of Documents required
- Business Income Details
- Income Tax Login Credentials
- Balance Sheet
- Bank Account No and IFSC Code
- Tax Saving Investments and Deductions
HOW DOES IT WORK?
eligibility criteria
ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:
- Income not exceeding ₹ 50 Lakh during the FY
- Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
- Income from Salary / Pension, One House Property, Agricultural Income (up to ₹ 5000/-)
- Other sources which include (excluding winning from Lottery and Income from Race Horses):
- Interest from Savings Account
- Interest from Deposit (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Family Pension
- Interest received on enhanced compensation
- Any other Interest Income (e.g., Interest Income from unsecured loan)
who is not required to file itr – 4
- 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.
- An individual, HUF or partnership firm whose books of accounts should be audited under the Income Tax Act, 1961.
ANSWERING YOUR QUERIES
What is section 44AD?
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively. They must declare profits of 8% for non-digital transactions or 6% for digital transactions, whichever one is applicable.
Should a person offering income presumptively maintain books of accounts?
- No. A person opting for presumptive income scheme under Section 44AD, 44ADA, 44AE etc, need not maintain any books of accounts.
What compliances has to be done if the income is less than the % for 44AD or 44ADA?
In such scenario, the assesse has to get his accounts audited by a practicing CA and file the compliances accordingly
Who is not eligible for the scheme?
The following businesses are excluded from presumptive taxation:
a. Life insurance agents.
b. Commission of any kind.
c. Running the business of plying, hiring or leasing goods carriages.
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