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.
CHANGES IN NEW ITR 4 FOR AY 2018-19
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
SEPERATE COLUMN FOR FEES U/S 234F
FINANCIAL PARTICULARS OF BUSINESS
BIFURCATION OF TURNOVER
The above changes will certainly affect the return filing this year keeping the due dates intact .
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