Puneet Kalra asked 6 years ago
ITR – 4 Filing
ITR – 4 Filing –
Hello Dear,
I’m a small trader… selling goods on e-commerce portals like Amazon, Flipkart, etc.
I’m trying to file online return ITR-4 on the income tax portal.
I’ve few queries. Need expert advice on these queries.
Below are the key points that I entered/declared:
E1 a. Gross Receipts in electronic mode: 94,08,444 (This is taxable value + tax)
E1 b. Cash Receipt: 18364 (This is taxable value + tax)
E2. Presumptive Income declared:
- E2 a. 792000 ( Apprx of 8.4 percent of E1 a) [ Query: Is this 8.4 % is the right way to proceed further? I came to this figure with the approx calculation: as Taxable Receipt – (Taxable Value Purchase + Taxable Value Expense) ]
- E2 b. 3200 ( Apprx of 17.5 percent of E1 b)
E9. What value should come here…Gross turnover from July 17- March 18 (GST period) or April 17 to March 18 (VAT + GST Period)
B4 : Income from other sources: 19251 [Query: I’ve some blogs. I received this income from Google Ads. Is this right place for such income. ]
C17: 80TTA Income from Interest on saving bank accounts: 75697 (Value Considered by system: 10000) [ Query: Where I can enter income from saving bank account interest. It is 75697 – 10000 = 65697 ]
Looking for expert help here.
Regards,
Gaurav answered 6 years ago
Answer for
As of now, I paid advance tax 45000. But, tax calculated now if around 60000.
I read somewhere that to file return under ITR-4, I need to pay all taxes before 15 March.
So, Can I file return under ITR 4 by paying balance tax with interest or this option becomes invalid for me ?
Answer In presumptive basis scheme Advance tax concept is not applicable.
So you Can file your ITR 4 by paying balance tax without any interest.
Thanks
Gaurav answered 6 years ago
In E1 a Profit shown should be at least 6% as other than cash
In E2 b Profit shown should be at least 8% as in cash income
In E9 Gross turnover from July 17- March 18 (GST period) should be enter
In B4 yes it is place to show income from other sources ….so u have to enter income from blogs and saving interest
i.e 19251+75697= 94948
C17 yes you can not enter more than 10000 . This is the only deduction you can get.
Puneet Kalra answered 6 years ago
Thanks Gaurav for your reply.
Your reply helped me and clear my all doubts.
Now, 1 and last query:
As of now, I paid advance tax 45000. But, tax calculated now if around 60000.
I read somewhere that to file return under ITR-4, I need to pay all taxes before 15 March.
So, Can I file return under ITR 4 by paying balance tax with interest or this option becomes invalid for me ?
Gaurav answered 6 years ago
Sorry for the inconvenience
But from F.Y. 2016-17 we have to pay our 100% tax liability before 15 March.
ssSo you need to pay Interest as per the appropriate provision of Income Tax Act.
Puneet Kalra answered 6 years ago
HI Gaurav,
2 more questions –
- Do I need to consider PPF balance or Sukanya Yojna account in “Bank Balance” section ?
- Do I need to consider mutual funds that I have in “Total Capital” section or other assets. These funds were purchased 2 years back..not last year.
