Bcom - Consulting Business HTML Template




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.

Who cannot use ITR-4 Form?

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

Share Whatsapp

Get expert advice on consult investment to strategies.

We believe that informed clients make better financial decisions. As part of our service, we'll provide educational resources and workshops to help.

TAX STOP Solutions

Our mission is to focus on our customers’ needs in order to provide the highest quality professional services. We as a Team committed to excellence and we will ensure our clients receive added value in all their Business. With you, we create and deliver business and technology solutions that fit your needs and drive the results you want.

© Copyright 2023 TAX STOP SOLUTIONS Designed by mrwebone.com