The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes:
Business income according to the presumptive income scheme under section 44AD or 44AE.
Professional income according to presumptive income scheme under section 44ADA.
Income from salary or pension up to Rs 50 lakh.
Income from one house property, not more than Rs 50 lakh (excluding the amount of brought forward loss or loss to be carried forward).
Income from other sources having income not more than Rs 50 Lakh (excluding income from lottery and race-horses).
Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs 50 lakhs.
A presumptive income scheme under sections 44AD, 44AE and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i.e. when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR-3.
If your total income exceeds Rs 50 lakh
Having income from more than one house property
Owning any foreign asset
If you have signing authority in any account located outside India
Having income from any source outside India
If you are a Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Being a resident not ordinarily resident (RNOR) and non-resident
Having foreign income
If you are assessable in respect of the income of another person in respect of which tax is deducted in the hands of the other person.
If in case payment or deduction of tax has been deferred on ESOP
If you have any brought forward loss or loss needs to be carried forward under any income head
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