1. Who can use ITR 4 Return Form for Assessment Year 2014-15?
This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.
2. Annexure-less Return Form
No document (including TDS certificate) should be attached to ITR 4 Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
3. Manner of filing ITR 4 Return Form for Assessment Year 2014-15
This Return Form can be filed with the Income Tax Department in any of the following ways, –
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
(iv) by furnishing a Bar-coded return.
A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA and furnish the return in the manner provided at either 3(ii) or 3(iii).
From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 3(ii) or 3(iii). Also in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at either 3(ii) or 3(iii).
From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at either 3(ii) or 3(iii).
Where the Return Form is furnished in the manner mentioned at 3(i ii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
4. Filling out the acknowledgement
Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner provided at 3(i), the acknowledgement slip attached with this Return Form should be duly filled.
Compiled by – CA Sandeep Kanoi
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