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The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
ITR-4 must be filed by individuals / HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
ITR-4 cannot be filed by taxpayers who fall into the below category :
In the above cases ITR-3 should be filed.
Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals.
Companies need to file ITR-6 or ITR-7 based on applicability.
ITR-4 form is to be used when the assessee has income that falls into the below category :
Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.