ITR-4 form is one of the seven forms of Income Tax Department. This Return Form is to be used by an individual or HUF or by Partnership Firms whose total income for the assessment year 2018-19 includes:-
(a) Business income where such income is computed in accordance with special provisions as mentioned in Sections 44AD and 44AE of the Act for computation of business income; or
Income from Profession where such income is computed in accordance with special provisions mentioned in sections 44ADA or
(b) Salary / Pension or
(c) Income from one house property (excluding cases where there is brought forward loss or loss to be carried forward under this head) or
(d) Income from other sources (excluding winning from Lottery and income from race horses).
ITR-4 The form should be filled up as per the sequence mentioned below:-
Part A, Schedules, Part B and Verification and details relating to TRP and counter signature of TRP, if the return is prepared by TRP.
After mentioning the basic details, I must state that if you are going to file the return for the first time, it would be much better to get it prepared by a TRP. However, a balance sheet can be properly prepared if and only if the complete records of transactions during the financial year are available. The assumption of income in lieu of documentary evidence may not be proper for the purpose of filing ITR-4.
In case of negative account balance, it will be adjusted in the balance sheet of the financial year for which the return is being filed.
There are videos giving instructions to file ITR-4. But I would strongly advise you to get it prepared by a tax consultant, at least for the first few years. So, please collect all the necessary documents and meet a tax consultant at the earliest. File the return as quickly as possible.
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