ITR-4 is an income tax return form. This form is required to be filed for presumptive income from Business & Profession. You can utilise this scheme if your turnover from trading is upto Rs. 2 crores and from services is upto Rs. 50 lakhs. To avail this scheme, you must be resident in India, you may be an individual or HUF or a partnership firm. However, the income from commission or brokerage, income from agency business, income from business of plying, hiring or leasing goods carriage can not opt this scheme.

If you opt this scheme, you are not required to maintain books of accounts. Incase of trading, you can declare 6% as your income if you receive funds digitally and 8% for cash receipts. You can declare 50% of the turnover as income incase of income form profession.

If you do not file your IT return on or before due date, panalty will be paid. The penalty is. Rs. 5,000/- till 31st December and there after Rs. 10,000/- and For small tax payer (ie. total income is not more than Rs. 5 lakhs), the penalty is Rs. 1000/- till 31st December and therafter. The last date to file the IT return with penalty is 31st March of next year, beyond this you can not file your ITR.

CompaniesHouse is an MCA Authorized Company Registered Agent in India. The object of the CompaniesHouse is to minimize the cost in IT Filings throughout India.

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