ITR-4 Return Filing

Filling out the form is quick and easy and will provide you with numerous benefits in the long run. By this, you will be able to get consultation from our Auditorwala CA/CS and will be able to get Guidance. So, why wait? Take the first step towards a bright future for your business and fill out the form today.

• ITR 4 hasn't undergone any significant changes since last year.


• A declaration allowing for the selection of the old or new tax regimes has been added to ITR 4 for AY 2021–22. The statement is "Are you selecting for new tax regime under section 115 BAC" in Part A-general information (Yes or No). If so, please provide the Form 10IE submission date and acknowledgement number.


• Part B: Under "Income from other sources," the e-filing tool must have a drop-down list that specifies the type of income, such as interest from savings accounts, deposits, etc. Dividend income must be broken into quarterly payments to qualify for section 234C's applicable relief from the interest charge for advance tax payment default.


• There is no more extended Schedule DI, which was added for AY 2020–21.

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.

You have the option of submitting your ITR-4 Form offline or online.
Offline:
Only one of the following situations allows the ITR form to be submitted offline:

• The person is 80 years of age or older.


• The person's income is less than Rs 5 lakhs, and they are exempt from the requirement to claim a refund in their income tax return.


• The following methods exist for filing the return offline:


• By submitting a return on actual paper


• hrough submission of a bar-coded return


• When you submit your actual paper return, the Income Tax Department will give you an acknowledgement.

Online/Electronically
By providing the return electronically with a digital signature — if you electronically sign your ITR-4 Form, an acknowledgement will be sent to the email address you have on file. Alternatively, you can directly download it from the income tax website.
You must sign the Return Form ITR-V and send it to the Income Tax Department's CPC office in Bangalore within 120 days of e-filing after electronically transmitting the data and submitting the return's verification.
Keep in mind that ITR-4 is an annexure-less form, meaning you do not need to transmit it with any attachments.

You must provide the following information: In the event of a trade issue:

• stock opening


• Acquisition made the previous year


• The prior year's sales


• Final stock


• Lack of surplus

When it comes to a manufacturing company:

• Stock opening


• By-products and finished goods

ITR-4 is not an option for the people and HUFs listed below:

• If the entire amount of income earned exceeds Rs. 50 lakh.


• If any losses from prior years have been carried forward.


• If the person is authorised to sign at a location outside of India.


• Whether there are ever any investments made in unlisted equity shares at any point in the fiscal year.


• If someone has overseas assets or has earned international money.


• If more than one residential property has contributed to the income.


• If the person works as a director for a corporation.


• If the person is an RNOR or a non-resident.

Yes, but only if the following conditions are met: a) The taxpayer is 80 years of age or older; b) the taxpayer has an annual income of less than Rs 5 lakh and is not required to make an income tax refund claim.

No, a person cannot claim depreciation or any other expense if they are paying tax at the rate of 8% following Section 44AD.

Any additional unrealised rent recoveries will be counted as part of your income under the heading Income from House Property in the year that the rent is realised (whether or not you are the property owner in that year). It will be taxed after deducting a sum equivalent to 30% of the unrealised rent.

You are not required to keep the books of accounts relating to the designated profession if you choose to use the presumptive taxation scheme of Section 44ADA (declare income at 50% of the gross receipts) and are engaged in the defined profession as described in Section 44AA (1). (i.e., the provision of Sections 44AA will not apply).

The ITR-4 filing deadline is July 31, 2021, for AY 2021–22 (FY 2020–21).