A new format of ITR 4 form is notified for the assessment year 2019 – 20. This form works as a return form for the taxpayers who opt for presumptive income scheme under section 44AD, section 44AE, and section 44ADA and those who have income less than Rs.50 Lakhs.
High ReturnsGet Returns as high as 15%*
Zero Capital Gains taxunlike 10% in Mutual Funds
Save upto Rs 46,800in Tax under section 80 C
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
It is basically a form for Income Tax Return and is for the taxpayers who have selected for the presumptive scheme of income as per Income Tax Act’s Section 44AE, Section 44AD, and Section 44ADA. However, if the business's turnover exceeds Rs.2Crore, then also the taxpayer has to file ITR – 3.
ITR – 4 must be filed by any HUF/ individual/ partnership firm whose total salary for Assessment Year 2019 – 20 includes:
The structure of the ITR 4 form can be divided into:
(For Assessment Year 2018 – 19, this form is modified to include details of GST along with detailed information of finances which is furnished in Schedule BP)