➢ About the service/Eligibility:
❖ IITR-4 is required to be filed majorly if the individual disclosing income from Business or
Profession under Presumptive Taxation (u/s 44AD/44ADA).
❖ It can also be filed for Salaried employee having income from Business or Profession
and Income from Other Sources.
➢ Estimated time to complete the work:
❖ 1 Days from the date of receipt of documents.
➢ Required Documents/Information:
❖ Form 16 for the Salaries Employees.
❖ Other Income details.
❖ Bank Statements for the Financial Year
❖ ITR Login Credentials.
➢ What we will deliver:
❖ ITR-4 Form
❖ ITR-4 Acknowledgement.
❖ IT Computation.
FAQ’s
1. Is the balance sheet mandatory for ITR 4 Filing?
In the case of ITR 4, it is not necessary to disclose the particulars of the balance sheet.
2. What is cash in hand for ITR 4?
It is not necessary to disclose the personal assets in ITR4. Only the assets that are held to conduct the business are to be shown in ITR 4. You can show Nil (Zero) value concerning sundry creditors, inventors, and Cash in Hand. There will be no error on the validation and the returns can be filed.
3. Is it possible to convert ITR 1 to ITR 4?
Yes, Form ITR 1 can be converted to ITR 4.
4. What is inventory in ITR 4?
Inventories are the assets that include the finished goods, work in progress, and the raw materials that are held by a company for sales in the future. It also includes the goods are purchased that are held for resale and maintenance supplies, and the consumables used for the production process.
5. Is it possible to shift from ITR 3 to ITR 4?
Switching from ITR 3 to ITR 4 cannot be done unless the sales are declared.
6. Can Doctors file ITR 4?
Yes, doctors can file ITR 4 after opting for the presumptive scheme and still declare the profits higher than 50% of receipts. But if the receipts are under Rs.50 lakhs and the expenses are lower than 50% of the receipts then a significant amount is saved by opting for the scheme.
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