ITR-4
This query is : Resolved
Quick Summary
29 February 2020
QA. A Person who has having Income From Presumptive Basis , But he owns one House only, Can he File ITR-4?
QB. Is ITR 4 Applicable to Individuals only? or it is Extended to HUF and Firms?
QB. Is ITR 4 Applicable to Individuals only? or it is Extended to HUF and Firms?
29 February 2020
ITR 4 applicable to huf and firm also.
29 February 2020
Yes .It's extended to resident HUF, and resident partnership firms other than LLP
29 February 2020
You can use ITR-4 for individual with business+house property
25 May 2020
ITR-4 or Sugam
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.
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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