{"id":6575,"date":"2023-06-10T11:48:44","date_gmt":"2023-06-10T11:48:44","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=6575"},"modified":"2024-05-11T10:35:38","modified_gmt":"2024-05-11T10:35:38","slug":"itr-1-vs-itr-4","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/","title":{"rendered":"ITR 1 Vs. ITR 4?"},"content":{"rendered":"<h2 style=\"text-align: center;\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITR-1 and ITR-4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam):\\n\\nApplicability:\\nITR-1: It is applicable to individuals who are residents of India and have income from salary, one house property, other sources (excluding lottery winnings and income from horse races), and total income up to Rs. 50 lakh.\\nITR-4: It is applicable to individuals, HUFs, and partnership firms (excluding Limited Liability Partnerships) who have presumptive income from a business or profession and whose total income is up to Rs. 50 lakh.\\n\\nSource of Income:\\nITR-1: Taxpayers filing ITR-1 can report income from salary, one house property, and other sources (such as interest income, pension income, etc.). They cannot have income from business or profession.\\nITR-4: Taxpayers filing ITR-4 can have presumptive income from a business or profession under sections 44AD, 44ADA, or 44AE. They can also report income from salary, house property, and other sources.\\n\\nPresumptive Taxation Scheme:\\nITR-1: It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources.\\nITR-4: It is specifically designed for taxpayers opting for the presumptive taxation scheme. They need to report their income based on the prescribed percentage of gross receipts or turnover.\\n\\nBooks of Accounts:\\nITR-1: Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are not required to maintain detailed books of accounts. However, they need to maintain a summary of their income, expenses, and details of assets and liabilities.\\n\\nTax Audit:\\nITR-1: Taxpayers filing ITR-1 are not required to get their accounts audited.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are exempted from tax audit irrespective of their turnover.\\n\\nReporting of Income and Expenses:\\nITR-1: Taxpayers filing ITR-1 have a simplified reporting requirement. They need to provide a consolidated summary of their income from various sources and cannot claim certain deductions.\\nITR-4: Taxpayers filing ITR-4 need to report their income and expenses in detail, including deductions and allowances.\\nIt is important to carefully choose the correct ITR form based on your specific income sources, taxability, and eligibility. If you are unsure about the appropriate form to use or have complex income situations, it is advisable to consult a qualified chartered accountant or tax professional for guidance.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16750848},&quot;12&quot;:0}\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"90\" height=\"43\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 90px) 100vw, 90px\" \/><br \/>\n<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Difference-Between-ITR-1-and-ITR-4-800x1024-1.jpg\" alt=\"ITR 1 VS.ITR 4 difference\" width=\"204\" height=\"261\" \/><\/p>\n<h4><\/h4>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR_1_Vs_ITR_4\" >ITR 1 Vs. ITR 4<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Applicability\" >Applicability:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-1\" >ITR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-4\" >ITR-4:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Source_of_Income\" >Source of Income:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-1-2\" >ITR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-4-2\" >ITR-4:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Presumptive_Taxation_Scheme\" >Presumptive Taxation Scheme:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-1-3\" >ITR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#It_does_not_offer_the_option_for_presumptive_taxation_Taxpayers_need_to_report_their_actual_income_from_various_sources_ITR-4\" >It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources. \nITR-4:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Books_of_Accounts\" >Books of Accounts:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-1-4\" >ITR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Taxpayers_filing_ITR-1_are_not_required_to_maintain_books_of_accounts_or_provide_detailed_financial_statements_ITR-4\" >Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements. \nITR-4:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Tax_Audit\" >Tax Audit:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-1-5\" >ITR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-4-3\" >ITR-4:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#Reporting_of_Income_and_Expenses\" >Reporting of Income and Expenses:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-1-6\" >ITR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/#ITR-4-4\" >ITR-4:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"ITR_1_Vs_ITR_4\"><\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITR-1 and ITR-4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam):\\n\\nApplicability:\\nITR-1: It is applicable to individuals who are residents of India and have income from salary, one house property, other sources (excluding lottery winnings and income from horse races), and total income up to Rs. 50 lakh.\\nITR-4: It is applicable to individuals, HUFs, and partnership firms (excluding Limited Liability Partnerships) who have presumptive income from a business or profession and whose total income is up to Rs. 50 lakh.\\n\\nSource of Income:\\nITR-1: Taxpayers filing ITR-1 can report income from salary, one house property, and other sources (such as interest income, pension income, etc.). They cannot have income from business or profession.\\nITR-4: Taxpayers filing ITR-4 can have presumptive income from a business or profession under sections 44AD, 44ADA, or 44AE. They can also report income from salary, house property, and other sources.\\n\\nPresumptive Taxation Scheme:\\nITR-1: It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources.\\nITR-4: It is specifically designed for taxpayers opting for the presumptive taxation scheme. They need to report their income based on the prescribed percentage of gross receipts or turnover.\\n\\nBooks of Accounts:\\nITR-1: Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are not required to maintain detailed books of accounts. However, they need to maintain a summary of their income, expenses, and details of assets and liabilities.\\n\\nTax Audit:\\nITR-1: Taxpayers filing ITR-1 are not required to get their accounts audited.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are exempted from tax audit irrespective of their turnover.\\n\\nReporting of Income and Expenses:\\nITR-1: Taxpayers filing ITR-1 have a simplified reporting requirement. They need to provide a consolidated summary of their income from various sources and cannot claim certain deductions.\\nITR-4: Taxpayers filing ITR-4 need to report their income and expenses in detail, including deductions and allowances.\\nIt is important to carefully choose the correct ITR form based on your specific income sources, taxability, and eligibility. If you are unsure about the appropriate form to use or have complex income situations, it is advisable to consult a qualified chartered accountant or tax professional for guidance.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16750848},&quot;12&quot;:0}\">ITR 1 Vs. ITR 4<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITR-1 and ITR-4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam):\\n\\nApplicability:\\nITR-1: It is applicable to individuals who are residents of India and have income from salary, one house property, other sources (excluding lottery winnings and income from horse races), and total income up to Rs. 50 lakh.\\nITR-4: It is applicable to individuals, HUFs, and partnership firms (excluding Limited Liability Partnerships) who have presumptive income from a business or profession and whose total income is up to Rs. 50 lakh.\\n\\nSource of Income:\\nITR-1: Taxpayers filing ITR-1 can report income from salary, one house property, and other sources (such as interest income, pension income, etc.). They cannot have income from business or profession.\\nITR-4: Taxpayers filing ITR-4 can have presumptive income from a business or profession under sections 44AD, 44ADA, or 44AE. They can also report income from salary, house property, and other sources.\\n\\nPresumptive Taxation Scheme:\\nITR-1: It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources.\\nITR-4: It is specifically designed for taxpayers opting for the presumptive taxation scheme. They need to report their income based on the prescribed percentage of gross receipts or turnover.\\n\\nBooks of Accounts:\\nITR-1: Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are not required to maintain detailed books of accounts. However, they need to maintain a summary of their income, expenses, and details of assets and liabilities.\\n\\nTax Audit:\\nITR-1: Taxpayers filing ITR-1 are not required to get their accounts audited.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are exempted from tax audit irrespective of their turnover.\\n\\nReporting of Income and Expenses:\\nITR-1: Taxpayers filing ITR-1 have a simplified reporting requirement. They need to provide a consolidated summary of their income from various sources and cannot claim certain deductions.\\nITR-4: Taxpayers filing ITR-4 need to report their income and expenses in detail, including deductions and allowances.\\nIt is important to carefully choose the correct ITR form based on your specific income sources, taxability, and eligibility. If you are unsure about the appropriate form to use or have complex income situations, it is advisable to consult a qualified chartered accountant or tax professional for guidance.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16750848},&quot;12&quot;:0}\">ITR 1 Vs. ITR 4 <\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITR-1 and ITR-4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam):\\n\\nApplicability:\\nITR-1: It is applicable to individuals who are residents of India and have income from salary, one house property, other sources (excluding lottery winnings and income from horse races), and total income up to Rs. 50 lakh.\\nITR-4: It is applicable to individuals, HUFs, and partnership firms (excluding Limited Liability Partnerships) who have presumptive income from a business or profession and whose total income is up to Rs. 50 lakh.\\n\\nSource of Income:\\nITR-1: Taxpayers filing ITR-1 can report income from salary, one house property, and other sources (such as interest income, pension income, etc.). They cannot have income from business or profession.\\nITR-4: Taxpayers filing ITR-4 can have presumptive income from a business or profession under sections 44AD, 44ADA, or 44AE. They can also report income from salary, house property, and other sources.\\n\\nPresumptive Taxation Scheme:\\nITR-1: It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources.\\nITR-4: It is specifically designed for taxpayers opting for the presumptive taxation scheme. They need to report their income based on the prescribed percentage of gross receipts or turnover.\\n\\nBooks of Accounts:\\nITR-1: Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are not required to maintain detailed books of accounts. However, they need to maintain a summary of their income, expenses, and details of assets and liabilities.\\n\\nTax Audit:\\nITR-1: Taxpayers filing ITR-1 are not required to get their accounts audited.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are exempted from tax audit irrespective of their turnover.\\n\\nReporting of Income and Expenses:\\nITR-1: Taxpayers filing ITR-1 have a simplified reporting requirement. They need to provide a consolidated summary of their income from various sources and cannot claim certain deductions.\\nITR-4: Taxpayers filing ITR-4 need to report their income and expenses in detail, including deductions and allowances.\\nIt is important to carefully choose the correct ITR form based on your specific income sources, taxability, and eligibility. If you are unsure about the appropriate form to use or have complex income situations, it is advisable to consult a qualified chartered accountant or tax professional for guidance.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16750848},&quot;12&quot;:0}\">are two different income tax return forms in India, applicable to different types of taxpayers. <\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITR-1 and ITR-4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam):\\n\\nApplicability:\\nITR-1: It is applicable to individuals who are residents of India and have income from salary, one house property, other sources (excluding lottery winnings and income from horse races), and total income up to Rs. 50 lakh.\\nITR-4: It is applicable to individuals, HUFs, and partnership firms (excluding Limited Liability Partnerships) who have presumptive income from a business or profession and whose total income is up to Rs. 50 lakh.\\n\\nSource of Income:\\nITR-1: Taxpayers filing ITR-1 can report income from salary, one house property, and other sources (such as interest income, pension income, etc.). They cannot have income from business or profession.\\nITR-4: Taxpayers filing ITR-4 can have presumptive income from a business or profession under sections 44AD, 44ADA, or 44AE. They can also report income from salary, house property, and other sources.\\n\\nPresumptive Taxation Scheme:\\nITR-1: It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources.\\nITR-4: It is specifically designed for taxpayers opting for the presumptive taxation scheme. They need to report their income based on the prescribed percentage of gross receipts or turnover.\\n\\nBooks of Accounts:\\nITR-1: Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are not required to maintain detailed books of accounts. However, they need to maintain a summary of their income, expenses, and details of assets and liabilities.\\n\\nTax Audit:\\nITR-1: Taxpayers filing ITR-1 are not required to get their accounts audited.\\nITR-4: Taxpayers filing ITR-4 under the presumptive taxation scheme are exempted from tax audit irrespective of their turnover.\\n\\nReporting of Income and Expenses:\\nITR-1: Taxpayers filing ITR-1 have a simplified reporting requirement. They need to provide a consolidated summary of their income from various sources and cannot claim certain deductions.\\nITR-4: Taxpayers filing ITR-4 need to report their income and expenses in detail, including deductions and allowances.\\nIt is important to carefully choose the correct ITR form based on your specific income sources, taxability, and eligibility. If you are unsure about the appropriate form to use or have complex income situations, it is advisable to consult a qualified chartered accountant or tax professional for guidance.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16750848},&quot;12&quot;:0}\"><strong>Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam):<\/strong><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Applicability\"><\/span><span style=\"text-decoration: underline;\">Applicability: <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"ITR-1\"><\/span>ITR-1:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>It is applicable to individuals who are residents of India and have income from salary, one house property, other sources (excluding lottery winnings and income from horse races), and total income up to Rs. 50 lakh.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"ITR-4\"><\/span>ITR-4:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>It is applicable to individuals, HUFs, and partnership firms (excluding Limited Liability Partnerships) who have presumptive income from a business or profession and whose total income is up to Rs. 50 lakh.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Source_of_Income\"><\/span><span style=\"text-decoration: underline;\">Source of Income: <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"ITR-1-2\"><\/span>ITR-1:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Taxpayers filing ITR-1 can report income from salary, one house property, and other sources (such as interest income, pension income, etc.). They cannot have income from business or profession.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"ITR-4-2\"><\/span>ITR-4:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Taxpayers filing ITR-4 can have presumptive income from a business or profession under sections 44AD, 44ADA, or 44AE. They can also report income from salary, house property, and other sources.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Presumptive_Taxation_Scheme\"><\/span>Presumptive Taxation Scheme:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"ITR-1-3\"><\/span>ITR-1:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"It_does_not_offer_the_option_for_presumptive_taxation_Taxpayers_need_to_report_their_actual_income_from_various_sources_ITR-4\"><\/span>It does not offer the option for presumptive taxation. Taxpayers need to report their actual income from various sources.<br \/>\nITR-4:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>It is specifically designed for taxpayers opting for the presumptive taxation scheme. They need to report their income based on the prescribed percentage of gross receipts or turnover.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Books_of_Accounts\"><\/span>Books of Accounts:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"ITR-1-4\"><\/span>ITR-1:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Taxpayers_filing_ITR-1_are_not_required_to_maintain_books_of_accounts_or_provide_detailed_financial_statements_ITR-4\"><\/span>Taxpayers filing ITR-1 are not required to maintain books of accounts or provide detailed financial statements.<br \/>\nITR-4:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Taxpayers filing ITR-4 under the presumptive taxation scheme are not required to maintain detailed books of accounts. However, they need to maintain a summary of their income, expenses, and details of assets and liabilities.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Audit\"><\/span>Tax Audit:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"ITR-1-5\"><\/span>ITR-1:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Taxpayers filing ITR-1 are not required to get their accounts audited.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"ITR-4-3\"><\/span>ITR-4:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Taxpayers filing ITR-4 under the presumptive taxation scheme exempt from tax audit irrespective of their turnover.<\/p>\n<p><strong>For more information to visit <a href=\"https:\/\/www.incometax.gov.in\/\">https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Reporting_of_Income_and_Expenses\"><\/span>Reporting of Income and Expenses:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"ITR-1-6\"><\/span>ITR-1:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Taxpayers filing ITR-1 have a simplified reporting requirement. They need to provide a consolidated summary of their income from various sources and cannot claim certain deductions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"ITR-4-4\"><\/span>ITR-4:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Taxpayers filing ITR-4 need to report their income and expenses in detail, including deductions and allowances.<\/p>\n<p>However, It is important to carefully choose the correct ITR form based on your specific income sources, taxability, and eligibility. If you are unsure about the appropriate form to use or have complex income situations, it is advisable to consult a qualified chartered accountant or tax professional for guidance.<\/p>\n<p><strong>For further details access our website <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2812 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/105.Charges-for-filing-ITR-2nd-image-300x251.jpg\" alt=\"\" width=\"203\" height=\"170\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/105.Charges-for-filing-ITR-2nd-image-300x251.jpg 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/105.Charges-for-filing-ITR-2nd-image-1024x858.jpg 1024w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/105.Charges-for-filing-ITR-2nd-image-768x644.jpg 768w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/105.Charges-for-filing-ITR-2nd-image-1536x1288.jpg 1536w\" sizes=\"auto, (max-width: 203px) 100vw, 203px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ITR 1 Vs. ITR 4 ITR 1 Vs. ITR 4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam): Applicability: ITR-1: It is applicable to individuals who are residents of India and have income from salary, one house\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/itr-1-vs-itr-4\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":6662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[24779,4808,1567,217,28825,808,28789,19342,28816,28799,1399,862,25944,28795,1400,25031,28796,28806,28801,25012,28809,28787,28805,28819,28834,28814,28791,28833,28811,28803,28823,28831,28817,28794,28826,28808,28821,28798,28830,28827,28829,1401,28797,28807,28802,25115,28790,28810,24921,1240,28793,28812,28800,28828,24981,28824,28818,28815,28832,24794,28822,2012,735,7623,22582,22594,21726,10391,21197,243,1130,314,25830,28788,25220,24897,11149,825,28820,25136,17101,4876,7902,355,713,25112,1741,24876,25216,25065,809,28813,4798,6709,7442,22728,22723,11135,17095,11144,436,28792,28804],"class_list":["post-6575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-itr-filling","tag-filingtaxreturns","tag-financialeducation","tag-financialliteracy","tag-financialplanning","tag-incometaxbasics","tag-incometaxfiling","tag-incometaxforms","tag-incometaxguide","tag-incometaxinformation","tag-incometaxknowledge","tag-incometaxreturnforms","tag-incometaxreturns","tag-incometaxseason","tag-incometaxsimplified","tag-itr1","tag-itr1explained","tag-itr1explainedsimply","tag-itr1formdetails","tag-itr1formexplained","tag-itr1guide","tag-itr1simplified","tag-itr1vsitr4","tag-itr1vsitr4analysis","tag-itr1vsitr4analysischart","tag-itr1vsitr4choosingguide","tag-itr1vsitr4clarified","tag-itr1vsitr4comparison","tag-itr1vsitr4comparisonanalysis","tag-itr1vsitr4comparisonchart","tag-itr1vsitr4comparisonguide","tag-itr1vsitr4comparisontips","tag-itr1vsitr4decision","tag-itr1vsitr4demystified","tag-itr1vsitr4differences","tag-itr1vsitr4keydifferences","tag-itr1vsitr4overview","tag-itr1vsitr4overviewchart","tag-itr1vsitr4simplified","tag-itr1vsitr4simplifiedexplanation","tag-itr1vsitr4whichisbetter","tag-itr1vsitr4whichtochoose","tag-itr4","tag-itr4explainedsimply","tag-itr4formdetails","tag-itr4formexplained","tag-itr4guide","tag-itr4simplified","tag-itr4simplifiedguide","tag-itrfilingmadeeasy","tag-itrfilingtips","tag-itrformcomparison","tag-itrformcomparisonguide","tag-itrformdetails","tag-itrformexplanation","tag-itrformfiling","tag-itrformfilingtips","tag-itrformguide","tag-itrformhelp","tag-itrformtips","tag-itrhelp","tag-itrhelpguide","tag-taxableincome","tag-taxadvice","tag-taxassessment","tag-taxationdifference","tag-taxationexplained","tag-taxationsimplified","tag-taxationtips","tag-taxawareness","tag-taxcompliance","tag-taxcompliancetips","tag-taxdeductions","tag-taxfilingadvice","tag-taxfilingcomparison","tag-taxfilingfaqs","tag-taxfilingmadesimple","tag-taxfilingseason","tag-taxfilingtips","tag-taxformdetails","tag-taxformfiling","tag-taxguidance","tag-taxlaws","tag-taxpayers","tag-taxplanning","tag-taxpreparation","tag-taxpreparationtips","tag-taxrefund","tag-taxreturnfaqs","tag-taxreturnforms","tag-taxreturnhelp","tag-taxreturnprocess","tag-taxreturnsexplained","tag-taxsaving","tag-taxsavingstips","tag-taxseason","tag-taxseasonessentials","tag-taxseasonguide","tag-taxseasonprep","tag-taxseasonpreparation","tag-taxseasontips","tag-taxtips","tag-understandingitrforms","tag-understandingtaxforms"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ITR 1 VS ITR 4 difference \/ Article \/ VibrantFinserv -<\/title>\n<meta name=\"description\" content=\"ITR 1 VS ITR 4 difference: are two different income tax return forms in India, applicable to different types of taxpayers. 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