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Which of the following persons cannot use ITR-4? (A) Who is director of a company (B) Who has held any unlisted equity shares (C) Who has any asset located outside India (D) A firm (other than LLP) if assessee is a Resident (E) Who has income from other sources Choose the most appropriate answer from the options given below:

Which of the following persons cannot use ITR-4? (A) Who is director of a company (B) Who has held any unlisted equity shares (C) Who has any asset located outside India (D) A firm (other than LLP) if assessee is a Resident (E) Who has income from other sources Choose the most appropriate answer from the options given below: Correct Answer A, B, C only

The correct answer is A, B, C only

Key Points  ITR-4

  • The Indian government has seven different types of income tax returns for its citizens to choose from. The ITR-4 is one of them.
  • Persons with a net income of less than 50 lakhs must file Form ITR-4, which is subject to certain requirements.
  • The ITR-4 Sugam is one of the income tax returns forms. It is for those taxpayers who have opted for a presumptive income scheme.
  • This scheme has been outlined in Section 44AD, Section 44AE, and Section 44ADA.
  • However, that if the business's turnover exceeds ₹2 crores, the taxpayer needs to file ITR-3.

Important Points Eligibility of ITR-4:

The ITR-4 is filed by individuals or Hindu Undivided Families who are RNOR (resident other than not ordinarily resident) or a firm which is not a Limited Liability Partnership but is a resident and has an income not exceeding ₹50 lakhs for the year 2020-21.

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