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Income Tax Returns Salary, salary tax returns
Income Tax Returns Salary

ITR RETURNS - SUGAM ITR 4
PROFESSIONALS & FREELANCERS

This return is most suitable for Freelancers, professionals, doctors, lawyers, advocates, accountants, engineers, contractors, architects etc. in practice

The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts less than ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

ITR-4 must be filed by individuals / HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

ITR-4 cannot be filed by taxpayers who fall into the below category:

  • Businesses with turnover of over ₹ 2 Crores
  • Professionals with gross receipts exceeding ₹ 50 Lakhs

In the above cases ITR-3 should be filed.

Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.

ITR-4 form is to be used when the assessee has income that falls into the below category:

  • Income from carrying on a profession and has opted for presumptive income scheme as per section 44 ADA
  • Income from Proprietary Business and has opted for presumptive income scheme as per section 44 AD or section 44AE along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources

Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.

INCOME-TAX FILING SERVICE CATEGORIES

PLAN - STANDARD ₹2499

  1. Professional with turnover less than ₹ 50,00,000 OR business with turnover less than ₹ 2,00,00,000 opting for presumptive income tax.
  2. House property income included
  3. Other income from interest and investment included
  4. Income from dividend included
  5. Capital Gains from House Property included
  6. Overseas Assets included
  7. Agricultural income included
  8. Full P&L and Balance Sheet with Accounts NOT included
  9. Capitals Gains from sale of shares NOT included – maximum 20 sale + purchase transactions

PLAN - ELITE ₹3499

  1. Professional with turnover less than ₹ 50,00,000 OR business with turnover less than ₹ 2,00,00,000 opting for presumptive income tax.
  2. House property income included
  3. Other income from interest and investment included
  4. Income from dividend included
  5. Capital Gains from House Property included
  6. Overseas Assets included
  7. Agricultural income included
  8. Full P&L and Balance Sheet with Accounts included
  9. Capitals Gains from sale of shares included – maximum 20 sale + purchase transactions

DOCUMENTS FOR INCOME TAX FILING

  1. PAN Card Copy.
  2. Aadhaar Card Copy.
  3. Income-Tax Portal Login ID
  4. e-mail ID
  5. Mobile Number.
  6. Bank Name and Account Number
  7. IFSC Code of the Bank branch.
  8. Bank statement with business or profession transactions.
  9. Business or Profession details.
  10. Investments, Sales and Purchase details
  11. Form – 26 AS
  12. House Loan Statement
  13. Rental information.
  14. House Property related.
    1. Rent receiving house property address.
    2. Rental Income.
    3. Municipal tax paid copy.
    4. Tenant Name.
    5. If it is Co-Owned Property, Co-owner name and PAN
  15. Any other sources of incomes.

ADVANTAGES OF TIMELY FILING OF INCOME-TAX

  1. LOAN PROCESSING: While applying for loans, the eligibility and quantum of loan would depend on one’s income which can be established through filed ITRs. All major banks and NBFCs will ask for income-tax returns of 2-3 years for two-wheeler to car to housing and even expensive durables. Since there is time limit for filing a return, if missed there is no option available to file it later.  
  2. TDS REFUND: There could be a possibility that there has been tax deducted at source (TDS) on some investment made in the name of the individual. Unless income tax returns are filed early they will get refunds early. Since there is time limit for filing a return, if missed there is no option available to file it later refunds will be lost.
  3. CARRY-FORWARD OF LOSSES: Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year. If income-tax returns are not filed then it is a loss for the individual or organisation as the case may be.
  4. ESTABLISHING INCOME PROOF IN COMPENSATION CASES: The ITR, especially in case of self-employed persons serves as a collateral evidence of the income of an individual on the basis on which compensation to be granted is to be computed.

INCOME-TAX FILING PROCESS

FAQs ON INCOME-TAX FILING

Tax will be paid directly to the Government on the official website of the IT Department. It can be done through net banking, along with Challan 280. We will handhold you through the process
Assessee can claim for refund of your excess tax amount while filing your IT Return. The refund will be credited directly into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form. Refunds can typically be expected between 90-120 days of filing of return
ITR-V stands for 'Income Tax Return Verification' Form. You will receive ITR-V when you file your Income Tax return.
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