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Taxpayers who have elected the Presumptive Taxation Scheme under Sections 44D, 44DA, and 44AE of the Income Tax Act of 1961 must complete Form ITR 4. ITR 4 Filing in Bengaluru is for those who have chosen to file their income tax returns under the presumptive taxation method. Small taxpayers are exempt from keeping books of accounts under the presumptive taxation arrangement. How to file Income Tax Return ITR 4 Form Filing in Bengaluru.

What is the scheme of presumptive taxation?

Small taxpayers are exempt from keeping books of accounts if they choose a presumptive taxation plan. The net profit is expected to be 8% of the total cash receipts. However, for payments received through the digital form, the net income is expected to equal 6% of the gross receipts. The deduction of any business expense against income is not allowed under the presumptive taxation regime here. By the 15th of March, the business owner must pay 100 percent advance tax.

There is no need to comply with the quarterly payments of the Advance tax due date under the Presumptive taxation plan ( i.e in June, September, December)

ITR 4 Return Filing Amendments in Bengaluru

A taxpayer who has more than Rs.2 crore in cash deposits with the bank, more than Rs.2 lakh in international trip expenses, and Rs.1 lakh in energy bills should file ITR 1. The taxpayer must state the amount of the deposit or the costs incurred in this section.

The Government checkbox in Part A has been modified to ‘Central Government’ and ‘State Government,’ and a ‘Not relevant’ checkbox has been added to the ‘Nature of Employment Section.

The ITR 4 Returns filed in Bengaluru under the section have been divided into two categories: regular filings and filings in response to notices.

The deductions under Section 80EEA and Section 80EEB have been added to Schedule VI A. Here The specifics of any gifts made can be provided under Section 80 G.

The revenues collected via electronic modes that are mandated before the given date are needed to be included in the gross turnover or gross receipts in schedule BP.

Tax deductions are also claimed for investments, payments, and expenditures made between April 1, 2020, and June 30, 2020. How to file Income Tax Return ITR 4 Form Filing in Bengaluru.

FAQ

Is it possible for a partner in a partnership firm to file an ITR 4 in Bengaluru?

Yes, ITR 4 is applicable to individuals, HUFs, and Partnership firms other than LLPs in Bengaluru. The partners must also be Indian citizens with a source of income from a business or profession.

In Bengaluru, who can file ITR 4 offline?

Individuals above the age of 80 can file ITR 4 offline by submitting a paper return or a barcoded return.

Is it possible to file ITR 4 online?

Registered users of the e-Filing portal can access the pre-filling and filing of ITR-4 services. Individual taxpayers, HUFs, and firms (other than LLPs) can use this service to file ITR-4 electronically through the e-Filing portal.

What is the procedure for filing an ITR 4 return?

• 4 Sugam Online: How to File an Income Tax Return (ITR)
• PART A: INFORMATION GENERAL
• Part B: Total Gross Income
• Part C: Taxable Total Income and Deductions
• Part D: Calculations and Status of Taxes
• Schedule BP: Business or Profession Income Computation of Presumptive Business Income Under Section 44AD. How to file Income Tax Return ITR 4 Form Filing in Bengaluru.