How to read ITR-2A?
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ITR-4s Form for Income Tax Return Filing
November 28, 2017

Know more about ITR-4 Form for individuals or HUFs who have income from proprietary business. Read this indepth guide on how to file ITR 4 by H&R Block India.

ITR-4 Form for Income Tax Return Filing

Last Update Date : November 28, 2017

This Income Tax Return form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

ITR 4 can be used by following individuals to file returns

Individuals who have income from:

  • Business or Profession.
  • If you are eligible for ‘Presumptive Business Income’ but where income or receipts exceed Rs. 1 crore.
  • If you have income from house property.
  • If you have income from other sources.

Sample Form ITR-4

 

Note: Click on the image above to download sample Form ITR-4

Understanding Form ITR-4

Form ITR-4 has the following components:

Part A-GEN: In this section, you are asked to provide your personal information, filing status and audit information.
Nature of Business: This section asks you to provide details of your business or profession.
Part A – BS and Part A – P & L: Here you are required to furnish details of your balance sheet and P & L statement of your proprietary business or profession.
Part A – OI and Part A – QD: These parts are optional in case they are not liable for audit.
Part (B) TI and TTI: Here you are asked to compute and fill your total income as well as taxable income.
Bank Account: Details of all bank accounts held in India at any time during the previous year are filled here.
Verification: You are asked to fill and sign verification statement here.
TRP: If your tax return has been prepared by a Tax Return Preparer then you should provide its details in this section.
Tax Payments: You should fill the details of Advance tax and Self-Assessment tax paid by you. You are also required to provide details of TDS on salary, TDS on other income, TCS on income.
After this, you are required to fill schedules (pages S1-S20) to the return form as applicable.

Schedule-S: Computation of income under the head salaries
Schedule-HP: Computation of income under the head income from house property
Schedule BP: Computation of income from business or profession
Schedule-DPM: Computation of depreciation on plant and machinery under the Income Tax Act
Schedule DOA: Computation of depreciation on other assets under the Income Tax Act
Schedule DEP: Summary of depreciation on all the assets under the Income Tax Act
Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
Schedule ESR: Deduction under section 35 (expenditure on scientific research)
Schedule-CG: Computation of income under the head Capital gains
Schedule-OS: Computation of income under the head Income from other sources.
Schedule-CYLA: Statement of income after set off of current year’s losses
Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
Schedule CFL: Statement of losses to be carried forward to future years
Schedule UD: Statement of unabsorbed depreciation
Schedule ICDS: Effect of income computation disclosure standards on profit
Schedule- 10A: Computation of deduction under section 10A
Schedule- 10AA: Computation of deduction under section 10AA
Schedule 80G: Statement of donations entitled for deduction under section 80G
Schedule- 80-IA: Computation of deduction under section 80IA
Schedule- 80-IB: Computation of deduction under section 80IB
Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE
Schedule VI-A: Statement of deductions (from total income) under Chapter VIA
Schedule AMT: Computation of alternate minimum tax payable u/s 115JC
Schedule AMTC: Computation of tax credit u/s 115JD
Schedule SPI:Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assessee in schedules HP, BP, CG and OS
Schedule SI: Statement of income which is chargeable to tax at special rates
Schedule IF: Information regarding partnership firms in which assessee is a partner
Schedule EI: Statement of Income not included in total income (exempt incomes)
Schedule PTI: Pass through income details from business trust or investment fund as per section 115UA, 115UB
Schedule FSI: Details of income from outside India and tax relief
Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91
Schedule FA: Statement of foreign assets
Schedule 5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code
Schedule AL: Asset and liability at the end of the year (other than those included in Part A-BS) (Application in a case where total income exceeds Rs. 50 lakh.

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