Who can file their return using ITR-4 for F.Y. 2019-20?
This Form is filed by an Individual/ HUF/ Firms (other than LLP) being a resident, whose total income is up to 50 Lakhs for the A.Y. 2020-21 and includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources
- Business Income under section 44AD and 44AE
- Professional Income under section 44ADA
Who cannot use ITR-4 for filing their Income Tax Return?
1.An Individual/HUF/Firm (other than LLP) who is either a Non-Resident or Not ordinary resident cannot use ITR – 4 for filing their Income Tax Return
2. An assessee having total income exceeding Rs 50 lakh
3. An individual who is either a director in a company or has invested in Unlisted Equity Shares
4. A firm who is a LLP (i.e. Limited Liability Partnership Firm) cannot file its return using this form
5. A taxpayer who has a brought forward/carry forward loss under any head of income cannot use ITR-4 to file his income tax return.
6. An individual/HUF/ Firm (Other than LLP) who has earned total income that includes the following:
- Taxable capital gains
- Individual/HUF/Firm who is liable for audit u/s 44AB of the Income Tax Act,1961
- Owning assets (including financial interest in any entity) outside India if you are a resident, including signing authority in any account located outside India
- Having foreign assets or foreign income.
Structure of ITR-4 for A.Y. 2020-21
Form ITR -4 (Sugam) is divided into 5 Parts:
Part A covers General Information which includes:
- Date of Birth
- Aadhar Number
- Mobile Number
- Email ID
- Status (Individual/HUF/Firm other than LLP)
- Nature of employment
- If revised return filed, then receipt no and Date of original return is also required.
- Information like Return filed under which section 139(1)- Original Return, 139(4)- Belated Return, 139(9)- Defective Return etc.
Part B consists of Gross Total Income which includes:
- Income from salary/pension
- Income from House Property
- Income from other sources
Part C covers Deductions and Total Taxable Income earned by the taxpayer:
- Deduction u/s 80 C, 80D, 80G, 80TTA, 80TTB, etc covered under this part of ITR
- Total Taxable Income earned on which tax is levied
Part D consists of Computation of Taxable Income which include following details:
- Tax payable on total Income
- Rebate u/s 87A
- Health and education cess @4%
- Interest u/s 234A/B/C
- Total tax paid
- TDS deducted, etc.
- Relief u/s 89
- Fees u/s 234F
- Detail of Bank Accounts held in India at any time during the Financial Year