Download Income Tax Return (ITR) – 4 for Individuals and HUFs: Having Income from a Proprietary Business and Profession

By | July 6, 2014

Download ITR–4 (Income Tax Return – 4) in PDF Excel and Java Schema for E-Filing of Income Tax Return for AY 2014-15 .i.e. FY 2013-14

The Income tax department of India has issued the updated schema for the ITR – 4 (Income Tax Return 4) for the Assessment year 2014-15 i.e. for the Financial year 2013-14 (for period of 1st April 2013 – 31st March 2014). Every individual who is carrying on with a profession or have any proprietary business needs to file his return through ITR 4. They do not file their return under the Presumptive Taxation Scheme. Mainly the ITR 4 for individuals and HUFs having income from a proprietary business and profession.

Who can use ITR – 4 Form?

  • ITR 4 includes professions like doctors, engineers, architectures, CAs or any other profession specified u/s 44AA. All such professions filled their return by the ITR 4. Any other which is not specified u/s 44AA can file their return in the ITR 4S. Every partnership firms, individuals & HUF who have their Tax audits compulsory u/s 44AB are required to file their ITR – 4 electronically using their digital signature.
  • Any individual or HUF who are computing their income from business under the Presumptive Taxation Scheme will not be eligible to file their return by the ITR 4. For the income through Presumptive Business an Assessee has to file the ITR – 4S.

Which Income Includes in ITR – 4?

The following income of the individual and the HUF should be included in the filling of the ITR 4 form:-

  • Income from salary or pension
  • Income from house property
  • Income from business and profession
  • Income from capital gain
  • Income from other sources

For the ITR 4 following details to be filled, it starts with the general information about the Assessee i.e. name, address, PAN, contact etc. then the details of the financial position balance sheet and profit and loss account, other information followed by the details of house property, professional gains, capital gain or loss and income from other sources.

Structure of ITR 4 Form

For the filling the ITR 4 form for the Individual you have to consider to the income of the financial year 2013-14 for the assessment year 2014-15. No annexure or documents are required to be attached with this return from, any such document attached will be returned back to the person, filling the return. The return can be filled by either in  the paper or by electronically with a digital signature by providing the data electronically and then submitting the verification of the return in the return form in the return Form ITR – V and lastly it can be filled by the form of a bar-coded return.

The final computation of the income tax is done as per the tax slab, as applied in the assessment year.

If the Assessee falling under any of the under mentioned categories have to submit their income tax returns electronically from AY 2013-14:

Mandatory E-filling of Income Tax Return (with or without Digital signatures)

  • An Individual or HUF whose total taxable income in the previous year exceeds Rs. 5 lakh
  • An Individual or HUF being a resident, having assets located outside India or signing authority in any account located outside India.
  • A Person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of Income Tax Act.

Compulsory E-filing of Income tax return only with Digital Signatures:-

  • Individuals & HUFs, who are required to get their books of accounts, audited u/s 44AB.
  • Companies who are required to file Income Tax return in Form ITR – 6

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