Financial year 2011-12 has ended & ITR filing season is approaching, so every Individual who is required to file their income tax return should get prepared for Income tax return filing. Income tax return is filed through ITR form which is based on the income earned by an assessee. So, here is a brief discussion on ITR 4 & its applicability.

Who can use ITR 4 ?

ITR 4 Form is used by an Individual or HUF who is carrying out a proprietary business or profession and who are not filing Return under Presumptive Taxation Scheme.

Moreover, every Partnership firms, Individuals & HUF having their tax audits mandatorily u/s 44AB is required to file their ITR-4 Electronically using digital signature.

Who cannot use ITR 4 ?

An Individual or a HUF computing business income from Presumptive Taxation Scheme are not eligible to file ITR 4 .

For Presumptive Business Income, an assessee files ITR 4S (SUGAM).

Other Relevant Points:

• No annexure of any documents is required.

• ITR 4 can be filed with IT Department either by furnishing details manually or electronically under digital signature.