Income Tax Return For Small Business And Self Employed Individuals | Itr-4 Explained
March 9, 2023 ⚊ 1 Min read ⚊ Views 72 ⚊ BUSINESS
What is ITR-4? ITR-4 Form is the Income Tax Return form for taxpayers who chose a presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act. Nevertheless, if the sales of the business cited above exceed Rs 2 crores, the taxpayer will need to file ITR-3. Eligibility criteria for applying ITR-4 ITR-4 can be listed by a Resident Individual / HUF / Firm (other than LLP) for the following specifications: Individual, HUF, Partnership firm other than LLP. Income from Business and Profession which is calculated on a presumptive basis u/s 44ADA, 44AD or 44AE Other references comprise (excluding Income from Race Horses and gains from the lottery): Interest from Savings Account Interest from Income Tax Refund Family Pension Interest from Deposits Any other Interest Income (for example- Interest Income from an unsecured loan)
