The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3.
Who cannot use ITR 4 Form?
If your total income exceeds Rs 50 lakh Having income from more than one house property If you have any brought forward loss or loss to be carried forward under any head of income Owning any foreign asset If you have signing authority in any account located outside India Having income from any source outside India If you are a Director in a company If you have had investments in unlisted equity shares at any time during the financial year Being a resident not ordinarily resident (RNOR) and non-resident Having foreign assets or foreign income If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person.
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