Income Tax Return - 4

Form is applicable For individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs. 2 crores and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

This ITR is not for an individual who is either director in a company or has invested in unlisted Equity Share.

Eligibility To File ITR-4

ITR-4 is filed by the taxpayers whose income is up to Rs 2 crores from below- mentioned sources:

Presumptive Income computed as per Sections 44AD, 44ADA and 44AE.

Salary or pension.

Income from single house property (provided there is no brought forward loss or loss to be carried forward).

Income from other sources (including winnings or loss from lottery and racehorses, other than income chargeable at special rates, and including family pension).

In the case of clubbed income, i.e., the income of another person (spouse, minor child, etc.) is to be clubbed with the income of the taxpayer.

In eligibility To File ITR-4

If taxpayer total income is more than Rs. 2 crores.

If taxpayer has any brought forward losses from previous years.

If taxpayer have foreign assets or have generated a foreign income.

If the taxpayer has income from more than one house property.

If the taxpayer is Director of a company.

If taxpayer is an NRI or an RNOR.

If taxpayer has any income to be apportioned following Section 5A.

If there is Capital gains/losses on the sale of investment/ property.

If tax payer is assessable for the complete or part of the income on which TDS has been deducted in the hands of the person other than the assessee.

Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA. .Assesse has any unexplained income(i.e. cash credit, unexplained investment, etc.) taxable at 60% u / s 115BBE.

Income under the head “income from other sources” of which the assessee has claimed exemption u/ s 57.

Deduction has been claimed u/s 80QQB or 80RRB in respect of royalty from patent or books.

Deduction has been claimed u/s 10AA or Part-C of Chapter VI-A.

If an individual is taxable in respect of an income but TDS for such income has been deducted by any other person(i.e., clubbing of income, Portuguese Civil Code, etc.).. 15.Assessee is Claiming relief of tax u/ s 90, 90A or 91.