Income Tax Return – 4 Form Filing (ITR-4)

Income Tax Return – 4 Form Filing (ITR-4)

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The Income Tax Department has set out different forms for filing returns. The taxpayers file these forms according to the category they fall under and the source of their revenue. Multiple criteria determine a taxpayer’s eligibility to file a specific ITR form.

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Income Tax Return - 4
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Form ITR-4 is used by those taxpayers who have opted for the presumptive revenue scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act, 1961 to file income tax returns. Nevertheless, this is subject to the INR 2 crores company turnover cap over which the taxpayer will be obliged to file ITR-3. Presumptive Taxation scheme is a scheme that exempts the small taxpayers from maintenance of books of accounts.


Who all are eligible?

Form ITR-4 is required to be filed by those individuals whose income comes from the following sources:

  • Business Income under Section 44AD/Section 44AE
  • Income from the profession as per Section 44ADA
  • Income up to INR 50 lakhs from Salary/Pension
  • Income up to INR 50 lakhs from One House Property (does not include brought forward loss or loss to be brought forward under this head)
  • Income from other sources up to INR 50 lakhs (does not include winning from lottery or horse races)
  • Form ITR-4 can also be filed by freelancers in case their income does not exceed INR 50 lakhs.


Who all are not required to file?

Form ITR-4 cannot be filed by any individual who:

  • Holds Directorship in a company
  • Holds any unlisted equity shares at any time during the previous year
  • Has assets/financial interest in an entity outside India
  • Has signing authority in any account outside India
  • Has income from a source located outside India
  • Has profits from a business or profession which is not required to be computed under sections 44AD, 44ADA, or 44AE, like income from a speculative business, commission, brokerage, etc.
  • Makes Capital Gains
  • Has income from more than one house property
  • Has income under the head “other sources” from winning the lottery, horse races, income taxable at special rates u/s 115BBDA or 115BBE
  • Has income which is to be apportioned by the provisions of Section 5A
  • Has agricultural income exceeding INR 5,000
  • Has any brought forward loss or loss which is to be carried forward under any income head
  • Has loss under “income from other sources”
  • Has a claim of relief under Sections 90, 90A or 91
  • Has any deduction claim under Section 57 (except deduction relating to family pension)
  • Has claim of tax credit which has been deducted at source in the hands of another person
  • Has joint ownership in house property (inserted in AY 20-21)

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