ITR - 4

ITR - 4

ITR-4 is specifically designed for individuals, Hindu Undivided Families (HUFs), and firms (except LLPs) who have opted for the Presumptive Income Scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act. If your income is primarily from business or professional activities and you qualify under the presumptive scheme, filing ITR-4 is mandatory. At LCT, we provide seamless filing services to ensure compliance and peace of mind.

Who Should File ITR-4?

Individuals, HUFs, and Firms:

• Earning income from business or profession under the presumptive taxation scheme.
• Income up to ?50 lakh annually from business or profession.

Additional Sources of Income:

• Salary or pension.
• Income from one house property.
• Income from other sources (excluding winnings from lottery and horse races).

Who Should NOT File ITR-4?

• Businesses with income exceeding ?50 lakh.
• Individuals with income from capital gains or foreign assets.

Why Choose LCT for ITR-4 Filing?

• Expert Handling: Simplified filing under presumptive taxation schemes.
• Error-Free Filing: Avoid mistakes that could lead to penalties.
• Tailored Solutions: Services customized for small businesses and professionals.
• Time-Saving Process: Efficient handling, so you focus on your business.

Steps to File ITR-4 with LCT

Eligibility Check:

• Ensure your business or profession qualifies under Section 44AD, 44ADA, or 44AE.

Collect Financial Records:

• Gross receipts or turnover details.
• Bank statements and income proof.
• Details of expenses (if applicable for claiming deductions).

Presumptive Income Calculation:

• Calculate 6% or 8% of turnover (as applicable under Section 44AD).
• For professionals, compute income as 50% of gross receipts under Section 44ADA.

Include Additional Income:

• Add income from salary, house property, and other sources.

Claim Deductions:

• Deduct eligible expenses and savings under Sections 80C, 80D, etc.

Compute Tax Payable:

• Calculate tax liability after deductions and exemptions.

Submit ITR-4 Online:

• File the return on the Income Tax Department portal with all required details.

Verification:

• E-verify the return using Aadhaar OTP, Net Banking, or ITR-V submission to CPC Bengaluru.

Benefits of Filing ITR-4 with LCT

• Simplified process for small businesses and professionals.
• Avoid penalties with accurate and timely filing.
• Optimized tax savings under presumptive taxation.
• Dedicated support throughout the filing process.