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PERSONAL SERVICES

ITR filings

ITR FILING FORM-4


Form ITR-4:

The ITR-4 Form is applicable for individuals or HUFs who have income from proprietary business or are carrying on a profession.

If the requirements of audit are applicable, the due date of filing of return is 30th September. Otherwise, usually the due date of filing of return for non-audit cases is 31st July.

In case the presumptive method of taxation is applicable (Section 44AD and Section 44AE of the Income Tax Act), ITR-4S must be filed.

Since ITR-4S is applicable where gross receipts/turnover is less than Rs 1crore; assesses who are carrying out business or profession under presumptive income as per section 44AD & 44AE of the Income Tax Act but have turnover/gross receipts of more than Rs. 1 crore; will have to file ITR-4.

Who is eligible to file using the ITR-4 Form?

Carrying on a business or profession

Eligible for Presumptive Business Income but where Turnover/Gross Receipts exceeds Rs. 1 crore

Return may include Salary/Pension

Earn Income from House Property

Earn Income from Other Sources

What is the structure of the ITR-4 Form?

ITR-4 is divided into:

Part A

Part A-GEN: General information and Nature of Business

Part A-BS: Balance Sheet as of March 31, 2015 of the Proprietary Business or Profession

Part A-P&L: Profit and Loss for the Financial Year 2014-15

Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)

Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)

Part B: Outline of the total income and tax computation in respect of income chargeable total tax.

Verification

After this there are 35 schedules.

Schedule-S: Computation of income under the head Salaries.

Schedule-HP: Computation of income under the head Income from House Property

Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act

Schedule DOA: Computation of depreciation on other assets under the Income-tax Act

Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act

Schedule DCG: Computation of deemed capital gains on sale of depreciable assets

Schedule ESR: Deduction under section 35 (expenditure on scientific research)

Schedule-CG: Computation of income under the head Capital gains.

Schedule-OS: Computation of income under the head Income from other sources.

Schedule-CYLA: Statement of income after set off of current year’s losses

Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.

Schedule CFL: Statement of losses to be carried forward to future years.

Schedule- UD: Statement of unabsorbed depreciation.

Schedule- 10A: Computation of deduction under section 10A.

Schedule- 10AA: Computation of deduction under section 10AA.

Schedule- 10B: Computation of deduction under section 10B.

Schedule- 10BA: Computation of deduction under section 10BA.

Schedule 80G: Statement of donations entitled for deduction under section 80G.

Schedule- 80IA: Computation of deduction under section 80IA.

Schedule- 80IB: Computation of deduction under section 80IB.

Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.

Schedule VIA: Statement of deductions (from total income) under Chapter VIA.

Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assesse in Schedules-HP, BP, CG and OS.

Schedule SI: Statement of income which is chargeable to tax at special rates

Schedule-IF: Information regarding partnership firms in which assessee is a partner.

Schedule EI: Statement of Income not included in total income (exempt incomes)

Schedule IT: Statement of payment of advance-tax and tax on self-assessment.

Schedule TDS1: Statement of tax deducted at source on salary.

Schedule TDS2: Statement of tax deducted at source on income other than salary.

Schedule-TCS: Statement of tax collected at source.

Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.

Schedule FA: Statement of Foreign Assets.