The ITR-4 Form is the Income Tax Return form that is used by those taxpayers who have opted for the presumptive income scheme as under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act, 1961. Moreover, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file his/her Income Tax Return using ITR-3.
Here is the structure of ITR-4 Form: –
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ITR-4S is divided into:
Part A: General Information
Part B: Gross total income from the five heads of income
Part C: Deduction and total taxable income
Part D: Tax computation and tax status
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For the Financial Year 2017-18, the form has been modified, to incorporate GST details along with other Financial Information. This detail will be mentioned under the Schedule BP.
Verification & signatures on the return
Schedule BP – Details of income from Business
Schedule AL: Asset and liability at the end of year (applicable in case where total income exceeds Rs 50 lakhs)
Schedule IT: Statement of payment of advance-tax and tax on self-assessment.
Schedule-TCS: Statement of tax collected at source.
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Schedule TDS1: Statement of tax deducted at source on salary.
Schedule TDS2: Statement of tax deducted at source on income other than salary.
Supplementary schedule TDS2
Supplementary schedule IT