The Old ITR-4S form is now renamed as ITR-4 Form, for the taxpayers who choose presumptive scheme under section 44AD and 44AF of the Income Tax Act.
Who can file ITR-4 Form?
ITR-4 can be filled only by Individual/ HUFs/ Partnership firms having the sources of income mentioned below-
- Business income where turnover is more than Rs. 1crore.
Moreover, presumptive taxation scheme needs a taxpayer to disclose 8% profits of his turnover. Therefore, if a taxpayer wishes to disclose profits of less than 8%, then he is supposed to file ITR-4.
- Taxpayer’s income from profession.
- Income from salary.
- Income from house property.
- Income from other sources.
- Income from capital gains, like from the sale of shares, property etc.
What are the schedules of ITR-4 Form?
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