ITR-4 RETURN FILING
| Basic | Advance |
|---|---|
| ✔ ITR with Computation | ✔ ITR with Computation |
| ✔ Financials with CA sign | |
| ✔ Professional Consultancy |
ITR-4 Return Filing in India
ITR-4 Return Filing in India at Bharat eFiling Point
Income tax filing is an important responsibility for all taxpayers. For small businesses, professionals, and individuals who have opted for the Presumptive Taxation Scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act, the ITR-4 Return (also known as Sugam) is the ideal income tax return form.
At Bharat eFiling Point, we offer expert guidance and end-to-end support for filing ITR-4 across India. Whether you are a shop owner, freelancer, professional, contractor, or engaged in any small business, we help you comply with tax regulations quickly and accurately.
Why ITR-4 Filing in India is Important
Filing your ITR-4 Return offers several important benefits:
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Legal Compliance: Fulfilling your tax obligations under Indian law protects you from penalties and legal action.
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Access to Loans and Credit: Filed returns serve as proof of income and are essential when applying for business loans, personal loans, or credit cards.
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Simplified Tax Process: The presumptive taxation scheme under ITR-4 simplifies income reporting by allowing eligible taxpayers to declare income at a prescribed rate without maintaining detailed books of accounts.
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Loss Reporting and Adjustment: Helps in reporting business or professional losses that can be carried forward for future tax adjustment.
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Builds Financial Reputation: Regular and timely filing of returns enhances your credibility with banks, financial institutions, and potential business partners.
Who Should File ITR-4?
ITR-4 is applicable to:
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Individuals, Hindu Undivided Families (HUFs), and Firms (other than LLPs) who are residents of India.
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Taxpayers having income from business or profession that is eligible under the Presumptive Taxation Scheme under:
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Section 44AD – for small businesses.
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Section 44ADA – for professionals such as doctors, lawyers, architects, consultants, etc.
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Section 44AE – for businesses involved in goods carriage (owning up to 10 goods vehicles).
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Taxpayers whose total income includes:
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Business income under presumptive taxation.
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Income from salary or pension.
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Income from one house property.
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Income from other sources (excluding income from lottery winnings or race horses).
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Documents Required for ITR-4 Filing
Filing ITR-4 is relatively simple, but certain documents are required for accurate reporting:
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PAN Card
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Aadhaar Card
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Bank account details and bank statements
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Details of business turnover/gross receipts
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Details of income from salary/pension (if applicable)
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Details of income from house property (if applicable)
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TDS Certificates (Form 16, 16A)
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Investment proofs for claiming deductions under Chapter VI-A (Sections 80C, 80D, etc.)
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Details of advance tax and self-assessment tax payments
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Proof of ownership and details of goods carriage vehicles (if applicable under Section 44AE)
Step-by-Step Process for Filing ITR-4 with Bharat eFiling Point
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Initial Consultation: Understand your income profile and eligibility for the presumptive scheme.
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Document Collection: Gather necessary documents for income declaration and deductions.
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Income Computation: Accurate calculation of total taxable income and applicable taxes.
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Form Preparation: Fill out ITR-4 in compliance with the latest Income Tax Department guidelines.
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Verification: Detailed review to ensure all information is accurate and complete.
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E-Filing: Submit the ITR-4 return online through the official Income Tax portal.
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Acknowledgment: Receive filing confirmation and provide you with the acknowledgment for your records.
Advantages of Filing ITR-4 with Bharat eFiling Point
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Expert Guidance: Professional tax experts ensure your ITR-4 is prepared correctly.
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Saves Time: Presumptive taxation simplifies the process, and we make it even faster with expert handling.
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Compliance with Latest Laws: Stay up to date with changes in tax laws and rules.
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Risk-Free Filing: Minimize chances of errors, notices, or penalties.
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Cost-Effective: Affordable and transparent pricing for small businesses and professionals.
For small businesses, professionals, and individuals opting for the Presumptive Taxation Scheme, filing the ITR-4 Return is a simple yet essential step towards tax compliance and financial growth. By filing ITR-4 regularly, you not only meet your legal obligations but also strengthen your financial profile and access numerous benefits.
At Bharat eFiling Point, we make ITR-4 filing in India easy, accurate, and stress-free. Our team of experts ensures that you file your return correctly and on time, helping you focus on what matters most — growing your business and professional success.
Documents Required For ITR-1 vs ITR-2 vs ITR-3 vs ITR-4 vs ITR-5 vs ITR-6 & ITR-7 Return Filing
| FEATURES | ITR-1 | ITR-2 | ITR-3 | ITR-4 | ITR-5 | ITR-6 | ITR-7 |
|---|---|---|---|---|---|---|---|
| DOCUMENTS | Form 16, Bank Statement, Details of Other Income, Home Loan Repayment Schedule, Rental Receipts, Donation Receipts, Insurance Payments, Mutual Fund Investments, Medical Bills, School / College Bills, Salary Slips | Form 16, Bank Statement, Details of Other Income, Home Loan Repayment Schedule, Rental Receipts, Donation Receipts, Insurance Payments, Mutual Fund Investments, Medical Bills, School / College Bills, Salary Slips | Form 16 / Salary Slips (in case of income from salary), Rental Agreement, if any, Proof of Rental Income if any, Proof of Investments to claim Tax Exemption, Form 26AS, Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, Day to day Administration expenses and General expenses details, Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Outstanding receivables and payables, Bank Statement, Break-up of Bank Statement, Loan Details from bank, Proof of Foreign Income (if applicable), Details of Foreign Assets (if applicable). | Bank Statement, PAN Card, Aadhar Card, Aadhaar card of the authorized signatory | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flowk, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Statement from Bank, Incorporation Certificate, Certificate of incorporation provided by the Foreign Government. |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for ITR-4 Return Filing in India
ITR-4 Filing in India
Welcome to Bharat Filing Point! We are your one-stop solution for all your business setup and registration needs in India. At Bharat Filing Point, we understand the complexities of starting and running a business in India. That’s why we are dedicated to providing hassle-free and efficient services to help you navigate through the various legal requirements and regulations.
Filing your ITR-4 form can seem daunting, but with our comprehensive guide and expert assistance, you’ll breeze through the process. Let’s explore everything you need to know about ITR-4 filing, from eligibility criteria to the step-by-step process.
Who is Eligible to File the ITR-4 Form?
The ITR-4 form, also known as the Sugam form, is designed for certain taxpayers under specific conditions. Here’s who is eligible to file the ITR-4:
- Individual, HUF, and Firms (other than LLP) with a total income of up to ₹50 lakhs from business or profession.
- Those who have opted for the presumptive income scheme under sections 44AD, 44ADA, or 44AE of the Income Tax Act.
- Individuals with income from a single house property, excluding those earning income from more than one house property.
- Individuals whose income includes a profession regulated by a statutory body.
- Businesses with no international transactions and do not need to maintain books of account as per section 44AA.
Documents Required for Filing ITR-4
Before you begin the filing process, gather the necessary documents to ensure a smooth experience:
- PAN Card
- Aadhaar Card
- Bank Statements
- TDS Certificates
- Profit and Loss Account
- Balance Sheet
- Details of Investments and Expenses
- Proof of Income from House Property or Business/Profession
- Any other relevant financial documents or receipts
Step-by-Step Process to File ITR-4
Here’s a detailed, step-by-step guide to filing your ITR-4 form:
Step 1: Gather All Necessary Documents
Collect all the documents listed above, including your PAN Card, Aadhaar Card, bank statements, TDS certificates, profit and loss account, balance sheet, investment details, and proof of income.
Step 2: Log in to the Income Tax E-Filing Portal
Visit the income tax e-filing portal and log in using your PAN as the user ID and your password.
Step 3: Select the Assessment Year and ITR-4 Form
Choose the relevant assessment year and select the ITR-4 form to initiate the filing process.
Step 4: Fill in Personal Information and Filing Status (Part A)
Enter your personal details such as name, PAN, address, date of birth, Aadhaar number, email, and mobile number. Indicate your filing status—whether it’s a regular return, a revised return, or a return filed in response to a notice. If filed by a representative, provide their details.
Step 5: Report Your Gross Total Income (Part B)
Report your gross total income, including income from business/profession, salary, house property, and other sources.
Step 6: Complete Deductions and Total Taxable Income (Part C)
Claim applicable deductions under various sections of the Income Tax Act in Part C.
Step 7: Fill in Tax Paid and Verification Details
Enter details of tax paid, including any advance tax, self-assessment tax, and TDS/TCS.
Step 8: Review the Form
Thoroughly review the form for accuracy and completeness. Ensure all relevant schedules and sections are filled in correctly.
Step 9: Submit the Form
Submit the form on the e-filing portal. Upon successful submission, you will receive an acknowledgement (ITR-V).
Step 10: Verification
If e-verification is not done, print and sign the ITR-V form and send it to the Centralized Processing Center (CPC) within 120 days of e-filing for verification.
Step 11: Completion
Upon successful verification, the return filing process is complete.
Why Choose Bharat Filing Point?
Our team of experts at Bharat Filing Point is here to support you every step of the way, providing personalized guidance and assistance to ensure your business stays on track. We strive to empower entrepreneurs and small businesses to thrive in the competitive Indian market.
Do you have questions about how we can help your company? Send us an email and we’ll get in touch shortly.
Mail: info@bharatefilingpoint.com
Website: www.bharatfilingpoint.com
FAQs about ITR-4 Filing
Q: What is the presumptive income scheme?
A: The presumptive income scheme allows small businesses and professionals to declare income at a prescribed rate and be relieved from maintaining detailed books of accounts.
Q: Can I claim deductions under Section 80C?
A: Yes, you can claim deductions under Section 80C for investments and expenses like life insurance premiums, PPF contributions, and tuition fees, among others.
Q: What if my total income exceeds ₹50 lakhs?
A: If your total income exceeds ₹50 lakhs, you must file ITR-3 instead of ITR-4.
Q: How long does it take to process the ITR-4?
A: The processing time for ITR-4 varies, but typically it takes a few weeks after verification.
Conclusion
Filing your ITR-4 form doesn’t have to be a stressful experience. By following this guide and leveraging the expertise of Bharat Filing Point, you can ensure a hassle-free and accurate filing process. Get in touch with us today to learn more about how we can assist you with your tax and business registration needs.
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ITR-4 Return Filing FAQ’s
What is ITR-4 (Sugam) Structure?
Who is qualified to record ITR-4 (Sugam) Structure?
What is the Possible Tax collection Plan?
Who is qualified for the Possible Tax assessment Plan under Area 44AD?
Who can use the Possible Plan under Area 44ADA?
What is the qualification for the Possible Plan under Area 44AE?
What are the qualification measures for utilizing ITR-4 (Sugam) Structure?
To utilize ITR-4 (Sugam), citizens should meet explicit measures:
Complete pay shouldn’t surpass Rs. 50 lakh.
Pay should be gotten from determined sources, like compensation, annuity, one house property, interest pay, hypothetical business pay (up to Rs. 2 crores), and expert pay (up to Rs. 50 lakh).
What kinds of Pay are not qualified for ITR-4 (Sugam) documenting?
ITR-4 (Sugam) can’t be utilized for money types like benefits and gains from specific organizations, more than one house property, capital increases, lottery rewards, possessing and keeping up with racehorses, and certain other indicated earnings.
Might a citizen with a misfortune at any point document ITR-4 (Sugam)?
Citizens with particular kinds of misfortunes, derivations, or tax breaks, as determined in the Personal Duty Act, are not qualified to record ITR-4 (Sugam).
What is the construction of ITR-4 (Sugam) Structure?
- ITR-4 (Sugam) comprises of four sections:
- Section A: General Data
- Part B: Gross Complete Pay
- Part C: Derivations and All out Available Pay
- Part D: Assessment Calculation and Expense Status
ITR-4 Return Filing in State
Other Bharat eFiling Point – Tax Services
Why ITR-4 Filing in India is Important
Filing your ITR-4 Return in India is not just a legal formality; it plays a crucial role in the financial health and credibility of small business owners, professionals, and self-employed individuals. Here’s why it matters:
1. Legal Compliance
Filing an income tax return is mandatory for individuals and businesses whose income exceeds the basic exemption limit. By filing ITR-4 under the presumptive taxation scheme, eligible taxpayers can easily comply with Indian tax laws without maintaining detailed books of accounts.
2. Simplified Tax Filing Process
ITR-4 is specifically designed for small businesses and professionals who have opted for presumptive taxation under Sections 44AD, 44ADA, or 44AE. It simplifies tax filing by allowing you to declare income at a prescribed rate, saving time and effort.
3. Access to Financial Products
Filed income tax returns are considered official proof of income by banks and financial institutions. A consistent record of ITR filing helps you easily apply for business loans, personal loans, credit cards, and even home loans.
4. Avoid Penalties
Failure to file your ITR on time may result in penalties under Section 234F of the Income Tax Act. Timely filing of ITR-4 ensures you avoid such penalties and remain in good standing with the Income Tax Department.
5. Carry Forward Business Losses
Although the presumptive taxation scheme generally does not allow for carrying forward losses, if at any point you switch to regular taxation, timely filing will help preserve your eligibility to carry forward previous losses and set them off in future years.
6. Build Financial Reputation
Regular tax return filing enhances your financial credibility and reputation. It demonstrates responsible business practices and financial discipline, which can be valuable when seeking partnerships, investments, or government contracts.
7. Eligibility for Government Tenders and Contracts
Many government and corporate contracts require submission of income tax returns for eligibility. Filing ITR-4 ensures you meet this requirement and remain eligible to bid for such opportunities.
8. Ease of International Travel
When applying for certain types of visas, embassies often ask for income proof through tax returns. A regularly filed ITR-4 can support your visa application for both personal and business travel.
Filing your ITR-4 Return is a smart financial practice that offers legal, financial, and reputational advantages. It simplifies compliance for small taxpayers while helping them unlock opportunities for growth and stability.
At Bharat eFiling Point, we guide you through every step of the ITR-4 filing process, ensuring accuracy, compliance, and peace of mind. Contact us today to file your return with expert assistance.
