ITR-4 RETURN

Income Tax Return i.e. ITR is simply a form which has to be filed with the Income Tax Department. Some employees at the company term it as income tax return filing or an income tax filing. The main moto of online itr filing is to make a report of income and the taxes that are paid to the government.

ITR-4 is also known as Sugam. The Income Tax Return Form is for the individual or resident of Hindu Undivided Family (HUF), Partnership firms (not including LPP) who are residents who have income from a business or profession.
Also those who have applied through presumptive income schemes based on Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the business turnover is more than Rs 2 crore, the taxpayer will have to file ITR-3.

People who are not eligible to file ITR-4?
If the total income exceeds Rs 50 lakh
If your income comes from more than one housing property
If you own any foreign asset
If you have any source of income from foreign country
If you are a Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
If you are a resident not ordinarily a resident (RNOR) and non-resident

What is the structure of the ITR-4 Form for AY 2020-21?

How can I file my ITR-4 Form?

Unlike ITR-3, ITR-4 Form can be submitted either through online or offline mode.
1)Offline:
The following individuals are eligible to file the return in paper form:
An individual who is 80 years or more at any time during the previous year.
An individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of income
Returns can be filed offline:
For offline use, the return is issued in a physical paper form. At the time of submission you will be provided with an acknowledgement from the Income Tax Department.

Online/Electronically:
By Furnishing the return electronically under digital signature
By filing the return online and e-verifying the ITR-V through net banking/aadhaar OTP/EVC.
Since you furnished the return electronically under Digital Signature, an acknowledgement for the same will be sent to your registered email id.
After this, you are supposed to send it to the Income Tax Department’s CPC office within 120 days from the date of e-filing.

Major changes introduced in ITR 2 for AY 2020-21?

1)Return filed under section have been segregated between normal filings and filed in response to notices.
2) The ‘Schedule VI-A’ for tax deductions has been amended to include deductions under section 80EEA and section 80EEB. A drop down will be provided to enter the details of the donations under section 80G
3)In ‘Schedule BP’, gross turnover or gross receipts to include revenues from prescribed electronic modes received before the specified date.
4) Details of tax deduction claims for investments, payments or expenditures made between 1 April 2020 and 30 June 2020.