Difference between ITR -4 and ITR-4S
Several professional & business owners are unsure about whether they should file ITR 4 or ITR-4S. Read on to find out which one applies to you.
Generally speaking ITR-4 can be filled by anyone who is running a business or undertaking a profession. There is no minimum income you should be earning to file this return. Say if you are a shopkeeper, construction contractor, a doctor, a tutor, a retailer, a wholesaler, an insurance agent, interior decorator or fashion designer, you can file ITR-4. Absolutely all businesses are eligible to file ITR -4.
ITR-4 is a detailed form ITR which broadly requires the following details of ‘Income from Business’ head –
- Part A Part A-GEN: General information and Nature of Business
- Part A-BS: Balance Sheet as of March 31, 2015 of the Business or Profession
- Part A-P&L: Profit and Loss details for the Financial Year 2014-15
- Part A-OI: Other Information (optional in cases where audit is not mandatory)
- Part A-QD: Quantitative Details (optional in cases where audit is not mandatory)
- Part B: Outline of the total income and tax computation
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