Demo of How to Fill ITR-4 with Instruction prepared in the directions of Dr V .K Singhania.
In this PPT examples and full explanation to each field has been given and summary of Income how to calculate has also been explained. This Guide is for AY 2008-09 and onwards if forms are not changed in ay 2009-10.
What is ITR-4?
ITR-4 form will be used for Individuals and HUFs having income from a proprietary business or profession for the Assessment Year 2011-12 as per Rule 12 of the Income Tax-Rules,1962)
ITR-4S (SUGAM): This form will be used for submitting online Indian Income Tax Return for Presumptive Business Income Return. for the Assessment Year 2011-12 as per rule 12 of the Income Tax-Rules 1962.
Difference between ITR-4 and ITR-4S?
ITR 4S has been specifically prescribed for the assessees showing their business income on Presumptive Basis. Assessee can show 1 House property income in this form.
However, for professionals having income assessed on Presumptive Basis, have to file the Tax Audit Report and their return will be filed in ITR4.
In case assessee is having Capital Gains income as well as business income also has to file ITR 4.