ITR-4 Form Filing in Tamil Nadu

ITR-4 Form Filing in Tamil Nadu

Filing the ITR-4 form in Tamil Nadu is important to make sure you're following the tax rules and giving correct information about your income from business, job, and other sources. The form has parts for Personal Information, Gross Total Income, expenses, Taxes Paid, and Tax Liability. An updated version recently added a field for Section 80CCH expenses. Taxpayers must fully understand the form's requirements as well as recent changes, such as the updated presumed taxing limits under Sections 44AD and 44ADA presented in the Union Budget 2023, in order to file their taxes correctly.

Taxpayers can view and send in the ITR-4 form in two ways: online or offline. This makes reporting easy. By following a step-by-step process, including getting into the e-Filing site, choosing the proper assessment year, entering income and expense information, reviewing tax calculations, and sending the return, people can finish the filing process correctly and quickly. For a good ITR-4 filing in Tamil Nadu experience, you must have the right paperwork, meet the dates, and understand the form's parts.

Eligibility Criteria for ITR-4 Filing in Tamil Nadu

To file the ITR-4 form online in Tamil Nadu , people and HUFs must meet specific qualifying standards. This form is designed for people with income from a business or trade, allowing them to pick the assumed income plan under Sections 44AD, 44ADA, and 44AE of the Income Tax Act.

Eligible Taxpayers

Taxpayers eligible for ITR-4 include professionals like chartered accountants, doctors, lawyers, engineers, freelancers, and individuals with extra income from sources like Futures and Options (F&O), bitcoin, commodities, or forex. It is important for those with business income estimated on an assumed base under Section 44AD, with a gross sale of up to Rs. 2 crores, to file ITR-4.

Income Limit

The qualifying criteria for ITR-4 reporting cover people, HUFs, and partnership companies with a total income of up to Rs. 50 lakhs, coming under the assumed taxation plan. Additionally, people with income from up to 10 goods carts under Section 44AE are also qualified to use this form.

Ineligible Taxpayers

ITR-4 cannot be filed by individuals who are Resident Not Ordinarily Resident (RNOR), non-Resident Indians, have total income exceeding Rs. 50 Lakh, have agricultural income in excess of Rs. 5,000/-, are directors in a company, have income from more than one House Property, or have income from winnings from the lottery, the activity of owning and maintaining race horses, or income taxable at special rates under Sections 115BBDA or 115BBE.

Essential Documents for ITR-4 Filing in Tamil Nadu

To ensure a smooth and accurate ITR-4 filing process, it is important to gather the following key documents:

Identification Documents

- PAN Card: A vital document acting as a main identification proof for tax reasons.

- Aadhar Card: Required for e-verification and approval of the ITR-4 form.

Financial Records

- Bank Statements: Necessary to show income from business or job, along with information of activities.

- TDS Certificates: Form 16 and Form 16A are important for reporting TDS withdrawals made by companies and other deductors correctly.

Investment Information

- Details of Investments: Records of investments made in tax-saving instruments, such as PPF, ELSS, or NSC, are important for getting discounts under different sections.

Business Documentation

- Business Income Details: Invoices, receipts, and spending records are crucial for correct reporting of business income.

- Balance Sheet and Profit & Loss Account: Required for companies with a sales topping Rs. 2 crores, giving a complete financial picture.

Process of ITR-4 Filing in Tamil Nadu

The process of filling ITR-4 in Tamil Nadu, both online and offline, includes specific steps to ensure correct and fast entry. Here is a full guide on how to file ITR-4:

Online Filing Process

1. Log in to the e-Filing Portal: Access the Income Tax Department's e-Filing portal using your user ID and password.
2. Select ITR-4: Choose the ITR-4 form for filing your report.
3. Verify Personal Information: Review the auto-filled personal data from your e-filing page. Make appropriate changes to your resume if needed.
4. Review Gross Total Income: Verify pre-filled income information from different sources like sala6, house property, business, and other income lines. Add any extra information if needed.
5. Provide Disclosures: Furnish cash particulars linked to business, GST payments, and exempt income.
6. Claim discounts: Add and check discounts under Chapter VI-A of the Income Tax Act.
7. Verify Taxes Paid: Check records of taxes paid in the previous year, including TDS, TCS, Advance Tax, and Self-Assessment Tax.
8. Check Total Tax Obligation: Review your income estimate, tax calculation, and total tax, cess, and interest obligation.
9. Submit the Form: After finishing all areas, check your return and submit it on the e-filing site.

Offline Filing Process

1. Download JSON form: Obtain the offline ITR-4 form (JSON form) from the Income Tax e-filing website.
2. Fill in Details: Manually enter income and other necessary details applicable to the financial year.
3. Post Schema: Once all data are finished, post the schema on the e-Filing website for filing.
4. Partial Offline Mode: Taxpayers can opt for a partial offline mode by getting the utility form and directly putting in the data.
5. Fully Online Mode: Alternatively, file ITR-4 fully online by getting into your account on the e-Filing website and following the online filing process.

Advantages of ITR-4 Form Filing in Tamil Nadu

• Simplified Tax Calculation: ITR-4 allows for a simpler tax estimate based on assumed income under Sections 44AD, 44ADA, and 44AE. This removes the need for keeping accurate books of accounts, lowering the legal load for small businesses and workers.
• Reduced Documentation: Taxpayers reporting ITR-4 do not need to keep thorough books of accounts or get their accounts reviewed as long as their overall turnover does not exceed the stated limits. This simplifies the paperwork process and saves time and effort.
• Presumptive Taxation Benefits: By choosing for assumed taxes under ITR-4, filers can gain of several perks. These include a set proportion of income being treated as taxed, no requirement to keep thorough books of accounts, and no need for tax checks.
• Eligibility for Deductions: ITR-4 allows people to claim discounts under different parts of the Income Tax Act, such as Section 80C, 80D, and 80G. This helps in lowering the overall tax burden and increasing tax saves.
• Compliance with Tax Regulations: Filing ITR-4 ensures compliance with tax laws and regulations, avoiding fines and interest charges for late or non-filing. It also helps in keeping a clean tax record and building trust with the tax officials.

Why Choose Kanakkupillai for ITR-4 Filing in Tamil Nadu?

• Expert Assistance: Kanakkupillai's group of experienced specialists ensures that your ITR-4 file is correct and mistake-free. With their in-depth knowledge of tax laws and policies, they help you through the procedure, lowering the threat of mistakes and increasing your tax saves.
• Timely Submissions: Timely filing of your ITR-4 form in Tamil Nadu is important to avoid fees and interest charges. Kanakkupillai values meeting times and ensures that your return is made on time, every time.
• Personalized Service: At Kanakkupillai, we know that each taxpayer has specific wants and requirements. Our personalised process lets us tailor our services to your particular wants, making sure that you acquire the best possible help throughout the filing procedure.