Good Morning, Good Evening, Good Afternoon.
Whoever is watching me at this time,
I welcome you with my heart.
Friends, how are you all?
Friends, till now we have discussed about three forms of
ITR.
ITR 1, ITR 2 and ITR 3.
Today, I want to discuss with you regarding ITR 4.
That income tax return 4 who are the people who pay it?
On which people is it applicable?
What is its limit?
What are the benefits of it?
Let's start our discussion.
Friends, do not do anything.
First of all, you see on whom it is applicable.
It is written that for individuals who are residents and
their total income is up to 50 lakhs.
And their business and professions income is under 44 AD.
Do you remember 44 AD? 44 ADA,
Messerschnell's, 44 AE,
Remove These.
In it there are presumptive taxation limits.
Do you remember this presumptive taxation?
In PGBB Head, we have discussed about presumptive taxation.
We have mentioned that you have an income up to 2 crores.
There are gross receipt of upto 2 crores.
2 crores were up to 44 AD.
Now we have discussed it.
That you had 2 crores in AD.
And all the rest
If you had received all the money in one account, then in
that case, 6% will be considered as your income.
Otherwise, it was 8%.
Then this 44 ADA was for professionals.
What did the professionals say?
That 50% will be considered as your income.
And the remaining 40% was for trucks.
So, these presumptive people, when they file their income
tax return, they will not go in ITR 1,2,3.
They will go in ITR 4 and file their ITR.
Is this point clear?
Who all will go in this?
The presumptive taxation people, on condition that their
total income is up to 50 lakhs.
Okay? You don't have to do anything.
This is the utility of Excel.
Common utility.
Download it from here.
I have already downloaded it.
I will open it here.
I will extract the file.
And it will be extracted from here.
From here only.
Your common utility is here.
And we will open it.
It will be opened here.
Friends, it is a very simple form.
I will tell you how to fill it online.
Government has done a very simple procedure nowadays.
It doesn't take much time.
You just need to have the details.
That from which heads you have earned how much income.
You are only talking about business.
That you earn money from business.
And you show that you earn from 40 or 80.
Or you earn from 80A or 80AE.
This is about business.
If it is about salary.
You should have the details of your salary.
You should know your gross salary and basic salary.
How many perquisites are there?
How many allowances are there?
Are there any exemptions?
Because we are talking about income tax return.
And I told you.
In the last 2-3 returns.
In that also I told you.
These things are done from the point of view of
presentation.
So when we are talking from the point of view of
presentation.
In that we have to show our exempt income.
So there will be a column of exempt income.
After exempt income, there will be a point of deductions.
We have to tell everything about deductions.
Let's continue and see.
This is from ITR 1 to ITR 4.
Now I have to file the return.
So I will go to download pre-filled data.
I will continue.
My pen asks me.
I will insert the pen.
You will see the blur here.
Obviously, why will you see the blur?
Why is the blur visible?
Because I don't want you to take my personal data.
Today you are looking at my pen.
Tomorrow you will say, sir, show me your house.
This is not how it works.
Tomorrow you will say, sir, my car's petrol is over.
Give me your car.
It will go up to here.
If he comes to ask for something, then where will I go?
So that's why I log in my password here.
And I will continue here.
See, I have logged in.
So as soon as I logged in, he opened my profile.
He told me what my pen is.
He showed me the pen number.
He showed me my name.
He showed me the assessment year and today's date.
Okay, sir, let's go to the file return.
And I am in the individual category.
So I will go to the individual.
Continue.
Select ITR 4.
Proceed with ITR 4.
Now look at this.
He opened the portal.
There is nothing in it.
He has only done nonsense.
He has said what documents do you want?
What documents do you want?
You tell me yourself.
As soon as I open the column,
As soon as he keeps asking me questions,
Whatever information he keeps asking me,
I will look at the documents there and put the information.
What's the big deal in that?
There is no bloodshed in that.
Come on.
Let's get started with it.
So then he asks us to answer some questions of his.
Why do you want to file an ITR?
I said, brother, the government has said.
That's why I have to file an ITR.
Otherwise, we don't have that much time.
Nor do we have that much interest.
But the government has said,
Because your taxable income is more.
You will need to file an ITR from the basic exemption limit.
Definitely and definitely.
Okay, sir.
Let's continue.
The same as every time.
He does it in the form of every ITR.
Look, personal information.
Gross total income.
Disclosure.
Because we are talking about presentation.
So we have to show the exempt income too.
That we are also receiving the exempt income.
Yes, this is different.
No income tax is applied on it.
Then we talked about total deductions.
These are our deductions.
Here we will minus things from here.
These are the expenses we have done.
80C deductions etc.
We will minus this.
Then we will get tax liability here.
Let's do it one by one.
This is my open profile.
My name has come.
Date of birth has come.
Pen has come.
Okay, sir.
My address has come.
After the address, as I say,
I am filing in the filing section.
I am filing in 130N1.
Because I don't file billeted returns.
I do all the work on time.
And I don't make any mistakes.
I am not even filing a revised return.
So, I am filing my return on the due date.
Okay, brother.
And then he asks me,
Brother, are you in the new tax regime?
I say no.
Okay, sir.
Option for the current year?
No, I am not in that.
Is this return being filed by a representative?
Or are you filing it yourself?
No, I am filing it myself.
Okay, sir.
He told me the details of my bank account.
Why do you need the details of the bank account?
The details of the bank account are needed because when
your refund comes tomorrow, which bank will it be in?
Which bank will it be in?
It is not that you will call the income tax office and say,
Yes, sir.
Your refund has come.
Please take this money from our office.
Nowadays, this facility is closed.
Online payment comes to you.
So, online payment is coming.
For that, you need the details of the bank.
So, you will have to give it.
Come here.
Confirm this.
He is showing the error.
Let's see the employment.
Now, look.
I have deliberately left a point here.
I have left it because if I leave anything, if I leave any
blank, then it shows the error here and takes me straight
there.
Like, I have deliberately left it here.
See, this is the nature of employment.
One minute.
Where did it go?
This is our nature of employment.
For now, let's leave this and go down and confirm this.
It will not take confirmation.
If you press confirm in this, it will take you straight to
that error
that you have made an error or you have forgotten to fill
any point.
It will take you there.
And this is a very good facility.
Sometimes, what happens?
In the olden days, there were many mistakes.
When you used to go manually by hand, the income tax
creator used to fill it in the paper and deposit it.
Many mistakes used to happen.
Then he used to put a whitener on it.
Sometimes, such things used to happen.
We never knew.
Mistakes were not caught.
Now, since we have used IT, we have used technology, the
advantage of technology is that you will press confirm
directly and if you miss any point by mistake
or you must have made a mistake at some point,
it will take you directly to that point.
See this.
Should I confirm?
I have confirmed.
Now, it will take me there.
Nature of the employment.
Let me put others.
Now, I will confirm.
It will be done.
It is done.
See, it is written confirm.
So, this is a very good feature.
If you miss any point, you will press confirm and it will
take you there that you have missed.
And it is also motivating that it is good.
Just keep on going.
And sir, this is life.
Life is good.
No matter how much you say this is in life, that is in life.
Your mind is working.
Your hands and feet are moving.
Your eyes and nose are fine.
Sir, believe me, you are very lucky.
Blaming your fate is wrong.
If you don't work hard yourself.
Work hard.
Find your own path.
Keep on going.
See, keep going is what it means.
Sir, keep on going in life.
No matter what happens, keep on going.
Everyone has a bad time.
Darkness comes in everyone's life.
There is a night every day but there is also a morning
every night.
No matter how much darkness there is,
it is confirmed that the sun will rise.
Consistency is very important in life, so whatever happens,
don't slow down your pace.
If you can't run, start walking.
If you can't walk, use your strength in your knees, but do
walk.
Don't just stand there.
Even standing water gets rotten after some time.
You are just a thing.
And rivers become oceans as you walk.
You meet them in the ocean.
So that's why if you keep walking, you will grow something
in your life.
If you can't walk, walk. If you can't walk, walk. If you
can't walk, walk.
If you can't walk, walk. If you can't walk, walk.
If you can't walk, walk.
44AD, 44ADA, 44A only and you are telling me that your
income is 0rs so why are you filling this form when you
don't have any business income so why are you coming here
go to ITR 1 so I will have to put details here that's why
they have made this portal so that you can't make any
mistake
he is a new guy he is filling ITR for the first time let's
assume that you are doing any work for the first time why
ITR you will make mistakes but these things they have kept
in mind they have made such provisions that you won't be
able to make any mistake ok sir back to the summary let's
go to the summary here you will put your exam income let me
put a dummy entry so that I can explain further let's do it
professionally name of the business let it be because it's
not a mandatory field how do
know what is a mandatory field and what is a non-mandatory
field whenever you see a star whenever you see a star like
gross receipts there is no star here if it was written then
you would have known that it is a mandatory field stars are
always mandatory entering and recording and putting an
amount becomes very important like if I put 25 lakhs here
and if I put here let's say my receipt is of 15 lakhs
in that case let's add business code
I will put the name of the software developer they are
asking the error
I will put the name of the software
you can see income from business presumptive income is of
15 lakhs other source is of 2000 let's go back to the
summary if I want to give confirmation disclosures and
exempt income here are my disclosures wait a minute if I
want to give deductions details of deductions will come to
me after the details of deductions will come to me you will
get tax fade how much tax was deducted how much tax should
have been charged how much tax has been done let us confirm
this it is not confirm yet it is
see, this is one thing until you do not confirm this i am
showing you these things until you do not confirm this
whatever heads are these until you confirm these heads you
will not be able to move to next head these heads are such
that they have to be fulfilled one by one they have to be
finished one by one you cannot do this that you opened
personal information you did not put personal you did not
put gross total income you went straight to tax fade this
is not possible one by one you have to
stairs in life if you jump straight there is a risk of
breaking bones it is good to jump but if you jump
calculatedly you will be saved if you jump forcefully you
will break bones
one by one you have to climb stairs now see this it is
mandatory to fill these details it is mandatory to fill
these details financial particulars ask you let us see what
they ask how much is your capital how much are secured
loans how much are unsecured loans now see the stars are
given what is given on creditors
it is mandatory
what is given on inventories what is given on inventories
star is given on debtors star is given on cash in hand
these all things are mandatory these mandatory
This is mandatory.
Now, it takes information from you regarding your gross
receipts.
Now, it is obvious that when you have a business and your
total income is around 50 lakhs, then it is possible that
you have registered your business in GST.
So, if you have registered in GST, then put its details
here.
And your outward supplies, which you will fill in GSTR, you
will put your sales figures in GSTR, that too you have to
put here.
All these things correlate with each other.
Now, you are seeing how nicely the government is working in
today's rate.
They are making you fill the income tax form, they are
making you fill the income tax return.
From where are they correlating the sales figures?
From the GST website.
This is what is happening, friends.
You have to see all these things.
In some time, all these things will be correlated.
Exempt income is from the presentation point of view.
These are all categories of exempt income.
So, if you have any income, then show it here.
Exempt income is just for the presentation point of view.
You have to put it here according to the presentation point
of view.
Okay.
Let's move ahead.
We have not given any confirmation.
That is why it is not doing anything.
Let me put one more amount of confirmation.
Let me put creditors of 2 lakhs.
Let me put inventories of 1 lakh.
I have got debtors of 50,000.
I have got cash in hand of 50,000.
See, this is how it has made my balance sheet.
Fixed assets, inventories, debtors.
This is the side of my liabilities.
This is the side of my assets.
Can you see?
We used to make balance sheets in class 11th and 12th.
Liabilities have come here.
Capital is zero.
Secure loan is zero.
See, I have put dummy entries.
You have got the figure of creditors.
That much matching has happened here.
You have put inventories of all the creditors.
Cash has come, debtors have come.
In a way, you have bought goods worth 2 lakhs.
You still have goods worth 1 lakh.
You have sold goods worth 1 lakh.
How have you sold?
You have sold cash worth 50,000.
You have sold goods worth 50,000 on credit.
That is why your debtors are standing here.
Let's move ahead.
Let me confirm.
Let's move ahead.
Okay.
This is also confirmed.
See, it is written ahead.
Now, let's move on to total deductions.
In deductions, it will ask whether you have given any
donation.
Is ATGG applicable on you?
It asks all these things.
It asks TTA, ATE, ATD details.
All these things.
For example, I say yes to ATD.
This schedule will come ahead.
Fill all your details in that schedule.
Okay, sir.
See, all my schedules have opened.
Total deductions.
ATD schedule has opened.
Put it here.
I had said yes to ATD there.
That is why ATD details have opened.
Whatever I would have said yes, its separate schedules
would have opened here.
Okay.
Let's move ahead.
Let me confirm.
Let me put a dummy entry here.
I will do it here.
Not claiming for the Helmand family.
Whether you or any of your senior family member is a senior
citizen.
I will say no.
Okay.
And I will put here that I have done health insurance for
Rs. 10,000.
That's it.
Let me save these things.
Rs. 10,000 has come.
And what I will do from here is, let me confirm this.
Here it is.
This is also confirmed.
Now I have the details of tax paid.
Now see, what is said in tax paid?
First of all, it says view your form 26AS.
Your 26AS will open here.
If you want to check your 26AS, you can check your 26AS
from here.
What is 26AS, sir?
Friend, 26AS is nothing.
It is basically a document, where you have earned some
income, how much TDS has been deducted on it, in which
parties, at which rates, and in which heads.
What did I say?
What are you saying, sir?
Friend, I am just saying this.
Friend, 26AS, 26AS, is such a document, which tells, that
you have earned so much income, on that income, a
particular party has deducted this much amount of TDS.
And in this section, whether it is deducted in 194C, or in
194J, that what is the TDS of rent, or what is the TDS of
what, if it is deducted in M, where is it deducted?
You will get to know in 26AS.
If you want to view it, you can view it from here.
Then you will have to put the details, that your TDS has
been deducted on salary income, other than salary, you can
put it here.
Details of advance tax, you can put it here.
Details of TCS will come here.
Total taxes paid, will come here.
Why it has come here?
To make you understand,
I have shown 15 lakhs of income, because of this.
Let's go back to the summary.
Nothing will happen in this.
In future, if we do something, let me confirm this.
Total taxes paid, let me confirm this.
Now it has shown my tax liability.
My income is 15 lakhs, 15,1999 rupees, 10,000 rupees
deduction from that, my brother has given me.
He has deducted my tax.
2,60,000 rupees tax has been deducted.
2,60,000 rupees tax, on that, health and education,
2,70,000 rupees tax has been deducted.
Because this is late fees, interest, 234 A, B and C, late
fees, 3,32,000 rupees tax has been deducted.
Now I will show you, how to pay this.
I have confirmed this.
What will I do in the proceed?
Pay now.
Amount payable is 3,32,000 rupees.
He will say, 3,32,000 rupees is your tax, will you pay here?
Pay here and your ITR will be filed here.
I said, okay, do it.
Pay now.
You will get the option of net banking.
Continue it.
See this.
Continue it.
You will come to the portal, your chalan will be generated.
See this.
You have to put PAN or confirm it.
Chalan will be generated, you have to pay for it.
This is the point, sir.
Okay.
You want to see the return summary.
Nothing will happen, your return file is done, and upload
it.
After uploading, your written file will be ready.
For confirmation, it will ask you, how do you want to
confirm?
Will there be an OTP? I have linked it to Aadhaar.
Will there be an OTP? Provide me an OTP.
It will be validated.
Your filing will also be easy.
So, this was ITR 4.
Was there any long or broad work in this?
You should have the details of sales.
You should have the details of your business.
You should know what you do.
If you have a presumptive business, then you should know
this.
It is a presumptive business.
But what are my creditors?
What are my debtors?
What are my inventories?
What is my capital?
What is my bank balance?
You should have a mini balance sheet.
Upload all the details here.
You will get a small mini balance sheet.
Your tax will be deducted.
You will get deductions here.
Whatever is your tax liability, you have to pay it.
You will get the payment from here.
I have told you how.
And you have to validate this form.
You have to file a return.
Verify and submit.
Confirm your return.
We are still validating it.
We will confirm it later.
You have to confirm your payment.
Verify and submit.