ITR-4 FILING

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ITR-4 is an Income Tax Return form used by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships) in India who have income from proprietary business or profession. This form is specifically designed for taxpayers who have income from small businesses or professions and do not qualify to file more complex forms like ITR-3.

Applicability: ITR-4 is applicable to individuals, HUFs, and firms (other than LLPs) who have income from proprietary business or profession and whose total income for the assessment year includes income from salary, house property, and other sources.

Sources of Income: Taxpayers filing ITR-4 typically have income from self-employment, freelancing, consultancy, small trading activities, and other similar activities constituting a proprietary business or profession.

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ITR-4 is an Income Tax Return form used by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships) in India who have income from proprietary business or profession. It is specifically designed for taxpayers who have income from small businesses or professions and do not qualify to file more complex forms like ITR-3.

Here’s a brief overview of ITR-4:

1. **Applicability**: ITR-4 is applicable to individuals, HUFs, and firms (other than LLPs) who have income from proprietary business or profession and whose total income for the assessment year includes income from salary, house property, and other sources.

2. **Sources of Income**: Taxpayers filing ITR-4 typically have income from self-employment, freelancing, consultancy, small trading activities, and other similar activities constituting a proprietary business or profession.

3. **Format and Contents**: ITR-4 requires taxpayers to provide details such as personal information, income from business or profession, turnover/gross receipts, profit/loss computation, deductions claimed under various sections of the Income Tax Act, tax computation, and details of taxes paid.

4. **Filing Process**: Taxpayers can file ITR-4 electronically on the Income Tax Department’s e-filing portal. The form can be filled out online or offline using the appropriate software utility provided by the Income Tax Department.

5. **Verification**: After filing the return, taxpayers need to verify it using one of the prescribed methods, such as electronic verification using Aadhaar OTP, net banking, or sending a signed physical copy of the ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

6. **Deadline**: The deadline for filing ITR-4 is typically July 31st of the assessment year. However, the government may extend the deadline in certain cases.

7. **Penalties for Non-Compliance**: Failure to file ITR-4 within the due date may attract penalties and interest under the Income Tax Act.

8. **Documentation**: Taxpayers must maintain proper documentation and records to support the information provided in the ITR-4 form, including bank statements, invoices, receipts, profit and loss statements, and other relevant documents related to their business or profession.

ITR-4 serves as a simplified tool for individuals, HUFs, and firms with income from proprietary business or profession to declare their earnings and fulfill their tax obligations under the Indian income tax laws.

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