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Profile photo of Puneet KalraPuneet Kalra asked 3 months ago

ITR – 4 Filing

Hello Dear,
I’m a small trader… selling goods on ecommerce portals like Amazon, Flipkart etc.
I’m trying file online return ITR-4 on 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 right way to proceed further ? I came to this figure with apprx 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 expert help here.
 
Regards,

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7 Answers
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Profile photo of GauravGaurav answered 3 months 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
 

Profile photo of GauravGaurav answered 3 months 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.
 

Profile photo of Puneet KalraPuneet Kalra answered 3 months 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 ?

Profile photo of Puneet KalraPuneet Kalra answered 3 months ago

Thanks Gaurav for your prompt reply. !!

Profile photo of GauravGaurav answered 3 months 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.