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.
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ITR-4 is an income tax return form. This form is required to be filed for presumptive income from Business & Profession.
This form is issued by the employer to the employee, it contains the details of tax deducted form salary income.
If you generate income from business or profession, it is called income from business or profession.
Form 16A is an Income tax form. It is issued by the companies at the end of the year to the persons from whom the company deducts TDS from other than salaries.
31st of July. Incase of Tax Audit, the due date is 30th September.
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.
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Ram Kumar Chilukuri Director, Anewa Engineering Pvt Ltd 02.06.2016Thanks for your continuous support. God bless you!
Nrupesh CFO, Blujay Solutions Private Limited 14.06.2016Thank you CompaniesHouse for saving in Income Tax!
Avtar Singh Managing Partner, Chetak Transporters 25.06.2016We are surprised to get our Company registered in one day. Thanks to you guys!
Mohammed Fasiuddin Director, Avidus Engineering Private Limited 29.06.2016Thank you for the initial discussion as we choose best business format!
Lakshmi Keerthi Reddy Director, Lavanar Sea Food Farming Private Limited 01.09.2016Thank you CompaniesHouse for reminding on timely statutory compliance!
Rambabu Director, Cybervillage Solutions Pvt ltd 05.09.2016Watch this video to how to select a Business Entity before registration.
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