![]() What is the presumptive taxation scheme for users filing ITR-4?Īccording to Sections 44AA of the Income Tax Act (1961), a person engaged in business or profession needs to maintain regular books of accounts under certain circumstances as per specific conditions. Investment premium payment receipts - LIC, ULIP etc.ħ.You will need to keep the below documents ready (as applicable) to file ITR-4: July 31 under non-audit cases and 31st October under audit applicable cases.Ħ. What is the due date of filing form 10 IE for opting/withdrawing new tax regime?Īs per the income tax laws, an individual having business income shall submit form 10-IE before the due date of filing ITR i.e. Once they switch back, they cannot opt for the new tax regime again.Įssentially, people with business income may have to fill out Form 10-IE twice, once to use the new tax regime and the second to switch back to the old regime.ĥ. Once they have opted for the new tax regime, they only have a one-time option of switching back to the old tax regime in their lifetime. ![]() Individuals having business income are not eligible to choose between the new and old tax regimes every year. I am an individual having business income can I switch between old tax regime and new tax regime every year ? Yes you can opt for new tax regime if you have business income but for opting new Tax regime you have to file From 10 IE before filing the ITR.Ĥ. I am an individual having business income can I opt for new tax regime while filing ITR-4 ? is not covered under the eligibility conditions for ITR-4ģ.has deferred income tax on ESOP received from employer being an eligible start-up.has held any unlisted equity shares at any time during the previous year.income taxable at special rates u/s115BBDA or Section 115BBE.activity of owning and maintaining race horses.has income from more than one House Property.has agricultural income in excess of ₹5,000/.is a Resident Not Ordinarily Resident (RNOR), and non-Resident Indian.ITR-4 cannot be filed by an individual / HUF / Firm (Other than LLP) who: Who is not eligible to file ITR-4 for AY 2023-24? Any other Interest Income (e.g., Interest Income from unsecured loan)Ģ.Interest received on enhanced compensation.Interest from Deposit (Bank / Post Office / Cooperative Society).Other sources which include (excluding winning from Lottery and Income from Race Horses):.Income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000/-).Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE.Income not exceeding ₹50 Lakh during the FY.ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has: Who is eligible to file ITR-4 for AY 2023-24? Central & State Government Department/Approved Undertaking Agencyġ.Deductions on which I can get tax benefit. ![]()
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