ITR-4: Presumptive Taxation Scheme
ITR-4 is applicable to resident individuals, HUFs, and firms (other than LLPs) who have:
Presumptive income under:
Section 44AD (small businesses)
Section 44ADA (professionals)
Section 44AE (transporters)
Income from:
Salary/pension
One house property
Other sources (interest, dividends)
Eligibility:
Total income up to ₹50 lakh
Business turnover up to ₹2 crore (for 44AD)
Gross receipts up to ₹50 lakh (for 44ADA)
Price: ₹ 4,999/-
Timeline : 2 Days
Proprietorship
Benefits
✅ Simplified filing – No need to maintain books of accounts
✅ Deemed profit system – Declare a fixed % of income (no actual income calc)
✅ Saves time and effort – Easy and quick filing with minimal compliance
✅ Legally compliant – Avoid late fee and notices
✅ Eligible to claim deductions under Chapter VI-A
Documents Required
✅ PAN, Aadhaar
✅ Bank account details
✅ Digital Signature (if applicable)
✅ Rental income (if applicable)
✅ Interest and dividend statements
🔹 Presumptive Income Details:
✅ Gross turnover or receipts (bank entries, GST returns, invoice summary)
✅ Nature of business or profession
🔹 Deductions & Investments:
✅ LIC, PPF, ELSS, home loan interest, 80D (insurance), donations, NPS, etc.
Proprietorship
Deliverables
✅ Acknowledgement
✅ Filed copy of ITR-4
✅ Presumptive income declaration summary
✅ Tax computation sheet
✅ E-verification support