ITR-4

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Income tax return filing for a taxpayer with taxable income of less than ₹5 lakhs.
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Income tax return filing for a taxpayer with taxable income ₹5-10 lakhs.
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Income tax return filing for a taxpayer with taxable income of ₹10 lakhs and above
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Income Tax Return (ITR) 4 Filing Form

Form ITR-4 is filed by the taxpayers who have opted for the presumptive income scheme under Sections 44D, 44DA, and 44AE of the Income Tax Act,1961.

However, this is subject to the business turnover limit i.e, in case if the turnover exceeds ₹2 Crore then the taxpayer would be required to file ITR-3.

Presumptive Taxation scheme is a scheme that has exempted the small taxpayers from maintaining the books of accounts.

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    Who is Eligible to File ITR 4?

    Who can file Form ITR-4?

    Form ITR-4 is to be filed by those individuals whose income comes from the following sources:

    • Business Income under Section 44AD/Section 44AE
    • Income from profession as per Section 44ADA
    • Income up to INR 50 lakhs from Salary/Pension
    • Income up to INR 50 lakhs from One House Property (does not include brought forward loss or loss to be brought forward under this head)
    • Income from other sources up to INR 50 lakhs (does not include winning from lottery or horse races)
    • Form ITR-4 can also be filed by freelancers in case their income does not exceed INR 50 lakhs.
    Who cannot file Form ITR-4?

    The following individuals need to file ITR-4:

    • 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)