ITR-4 : INCOME TAX RETURN FORM FOR PRESUMTIVE BUSINESS – AY 2018-2019

About 40 days since the commencement of new Financial Year , Income Tax Department has released the online utility for much awaited FORM ITR 4 – For Presumptive Income from Business and Profession and is available for download at the Income Tax E-filing Portal.

Although , Return forms were notified well in time by the Central Board of Direct Taxes but the offline utilities is being delayed causing delay in filing of Income Tax Return.

Due Date for filing Income tax return for AY 2018-2019 is approaching fast and consequences for no filing of return within such date will impose late fees U/S 234F as per the applicable slabs of income and delay in filing period.

Also Read :

1) Failed to file Income Tax Return for AY 2016-17 & 2017-18? Here is what to do after 31.03.2018.
2)Income Tax Return Forms AY 2018-19

CHANGES IN NEW ITR 4 FOR AY 2018-19

There are various changes in Income Tax Return forms as notified by the Central Board of Direct Taxes with respect to Goods and Service Tax requirements and compliance.

For instances

DETAILS OF GST

Turnover as per GST Return has to be provided in Income Tax Return (ITR-4). If the revenue authorities find any difference in the figures provided in the two , one can expect notice from the department regarding the reason of differences and necessary procedural actions could be taken

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SEPERATE COLUMN FOR FEES U/S 234F

Following the concept of Goods and Service Tax Returns , this time Income Tax Department has provided the column of LATE FEES U/S 234F of Income Tax Act 1961, for delay in filing of return in the Income Tax Return itself.

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This means that if one fails to file return within due date , then he will have to pay the late fees before filing the return otherwise the return would be validated and XML will not be generated.

FINANCIAL PARTICULARS OF BUSINESS

Further , for presumptive taxation books of accounts is not mandatory , if conditions fulfilled, for AY 2018-19 government has asked purposefully the details of various financial particulars such as Loans And Advances , Fixed Assets etc to analyze the figures in line with the returned income.

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BIFURCATION OF TURNOVER

In the Schedule (SCH – BP ) Business and Profession , bifurcation of Gross Turnover or Gross Receipts through account payee cheque or account payee bank draft or bank electronic clearing system and Gross Turnover / Gross Receipts through any other modes is required .

This is due to the amendment made in the Union Budget regarding Presumptive Percentage of tax for both the modes.

Tax rate would be 6% of Gross Turnover/Gross Receipts for the First Case

Tax rate would be 8% of Gross Turnover / Gross Receipts for the later.

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The above changes will certainly affect the return filing this year keeping the due dates intact .

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ITR-4 – Income Tax Return form FOR presumptive Business for AY 2018-19