To file your Income Tax Return (ITR) using ITR-4 form, which is applicable for individuals, Hindu Undivided Families (HUFs), and partnership firms having income from a presumptive business, you can follow these steps:
1.Gather your documents:
Collect all the necessary documents, including your business income details, bank statements, invoices, expenses records, and other supporting documents related to your business.
For more information visit this site: https://www.incometax.gov.in
2.Determine the applicable ITR form:
Confirm that ITR-4 is the appropriate form based on your income sources and other applicable criteria. Ensure that you meet the eligibility requirements for filing ITR-4.
3.Prepare the ITR form:
Open the ITR-4 form and fill in the required details. Provide your personal information such as name, address, PAN (Permanent Account Number), and Aadhaar number (if applicable). Enter details of your presumptive business income, deductions, and exemptions as per the information available to you.
4.Fill in the business details:
Enter the relevant details of your business, such as business name, address, nature of business, and the turnover or gross receipts of the business.
5.Calculate the presumptive income:
Calculate the presumptive income as per the applicable provisions of the Income Tax Act for the type of business you are engaged in.
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