Here is all you need to know about ITR-4
New Delhi: The ITR-4 is for professionals and self-employed individuals who have opted for the presumptive income scheme. The form has been made available on the website of the department -- https://www.Incometaxindiaefiling.Gov.In.
(d) Income from one house property (excluding cases where loss is brought forward from previous years)
(e) Income from other sources (excluding winnings from lottery and income from race horses).
Further, it says, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used where income to be clubbed falls in any of the above categories.
• Whose total income for the year includes income from more than one house property.
• Income from agency business or income in the nature of commission or brokerage.
The I-T department further says that in case of a taxpayer who is engaged in any business eligible for the presumptive taxation scheme of section 44AD or section 44AE or section 44ADA but he does not opt for the presumptive taxation scheme, such a taxpayer has to maintain the books of account of the business as per the provisions of section 44AA and has to get these accounts audited. In such a case he/she cannot use ITR 4.