The Income Tax department has recently notified ITR-4 along with other forms, which are filed by individuals and entities, whose annual turnover is above Rs. 50 lakh, for assessment year (AY) 2024-25.
Filing your Income Tax Return (ITR) is not much complicated. Here is a simple step-by-step guide to filing ITR-4 online for the assessment year 2024-25.
What is ITR-4 Form?
ITR-4 is a form for taxpayers who choose a presumptive income scheme under section 44AD, 44ADA and 44AE of the Income Tax Act. If the turnover of the business exceeds Rs. 2 crore, ITR-3 need to be filed instead.
Who need to file ITR-4 Form?
ITR-4 is mandatory for individuals, Hindu Undivided Families (HUFs) and partnership firms whose total income falls into business income under section 44AD or 44AE, professional income calculated under section 44ADA and above 50 lakhs, salary or pension with an income above Rs. 50 lakh and income from other sources with an income above Rs. 50 lakh (excluding winnings from lotteries and income from horse races).
Step-By-Step guide to file ITR-4 Form
Step-1: Log In:
Start by logging into the e-filing portal using your user ID and password or use the following link to reach login page of IT department ( https://eportal.incometax.gov.in/iec/foservices/#/login)
Step 2: Navigate to ITR
On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.
Step 3: Select Assessment Year and Mode
Choose Assessment Year as 2023-24, and Mode of Filing as online, then click Continue.
Step 4. Choose Status
Select your applicable status and click Continue to proceed.
Step 5: Select ITR Form
Choose ITR-4 from the dropdown and click Proceed with ITR-4.
Step 6: Read Instructions
Carefully read the instructions and note the required documents. Click Let’s Get Started to proceed.
Step 7: Review Pre-filled Data
Review pre-filled data and make edits if necessary. Enter additional data as needed and click Confirm after each section.
Step 8: New Tax Regime Options
Choose the relevant options based on whether you opted for the new tax regime in previous years.
-If opting for the new tax regime, acknowledge the implications and proceed.
Step 9: Enter Acknowledgement No
Enter the Acknowledgement No. and date of filing of Form 101E (if applicable for opting the new tax regime).
Step 10: Income and Deduction Details
Enter income and deduction details in various sections. After confirming all sections, click Proceed.
Step 11: Tax Liability
If there’s a tax liability, a summary will be shown. It’s recommended to use the Pay Now option.
-Opting for Pay Later may lead to interest liabilities.
Step 12: No Tax Liability or Refund
If no tax liability or are eligible for a refund, you’ll go to the Preview Return page.
Step 13: Successful Payment
After successful payment through the e-filing portal, a success message will be displayed. Click Back to Return Filing to complete the ITR filing.
Step 14: Preview Return
Click Preview Return.
Step 15: Declaration and Validation
On the Preview and Submit Your Return page, details will be auto-populated.
-Select the declaration checkbox and click Proceed to Preview.
-Preview your return and click Proceed to
Validation.
Step 16: Verification
Once validated, click Proceed to Verification.
Step 17: Complete Filing
On the Complete your Verification page, select your preferred option and click Continue.
-ITR-4 filing will be completed, and you’ll be redirected to the home page.
Following these steps, one can file a smooth and hassle-free online filing of your ITR-4. In case of difficulties always consider your financial advisor during and before filing.
Source: ET NOW
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