How do I fill up ITR 4 form to file my tax return?

Question

Hi I'm a salaried professional. I also do invest in share market both intraday and delivery. My total profit in short term delivery shares is 10K and my loss in intraday trading is around 50K. How do I fill up the ITR 4 form? Can someone please guide?

Answer 1

ITR4 is difficult to fill up.  You need a C.A to fill it up.  Contact a C.A.,  The ITR-4 will be nearly 23 pages.

Answer 2

Select appropriate type of Return Form.

Fill your return offline and generate a XML file.

Register and create a user id/password .

Login and click on relevant form on left panel and select "Submit Return".

Browse to select XML file and click on "Upload" button .

On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-IV Form.

Incase the return is digitally signed, on generation of "Acknowledgement" the Return Filing process gets completed. Assessee may take a printout of the Acknowledgement for his record.

Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-IV Form would be generated which needs to be printed by the tax payers. This is an acknowledgement *** verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-IV form should be submitted with the local Income Tax Office withing 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.

Answer 3

Better consult a good CA for filling up the form or follow these steps:

As far as intra day trading loss is concerned it will be considered as speculation loss and it cannot be set off against any other income but can be carried forward for the next 4 assessement years and set off against any intra day trading profit.

Profit on short term delivery of shares can be considered under the head capital gains u/s 111A and special rate of tax of 10% can be charged on the gain.

If you have a balance sheet or profit and loss account fill it up in the form otherwise simply state that you do not maintain regular books of accounts.

Other columns of ITR 4 can be filled up easily such as Salary, Deductions under chapter VIA, etc.

Read the instructions available with ITR 4 thoroughly before filling up any of the columns.

Answer 4

Download Return preparation Software from www.incometaxindia.gov.in

Simply fill in all the requisite fields. Validate the file and generate XML file.

Thereafter register yourself on incometax.gov.in  and submitt the xml return after logging in.

System shall generate ITR V acknowledgement

submit the Acknowledgement with you area ITO