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HOW To File INCOME TAX RETURN (ITR) For SMALL BUSINESSMAN The old ITR-4S tax form has been renamed ITR-4. This VIDEO contains information on filing ITR-4 for FY 2016-17 (AY 2017-18) Who can file ITR 4 ? ITR 4 can be filed by all those who opt for presumptive income for instance a small businessman having turnover less than Rs 2crore may opt for the scheme u/s 44AD and declare the profits at 8% of gross receipts(6% in case of digital receipts) .To know more ,click here A doctor can opt for presumptive income scheme u/s 44ADA if his gross receipts do not exceed Rs 50 lakhs and can declare 50% of gross receipts as his income.To know more ,click here An engineer can also opt for this scheme. Film Artists Persons engaged in the accountancy profession,Interior decoration,Technical consultancy can also for this scheme.To know more ,click here Freelancers engaged in the above profession can also opt for this scheme if their gross receipts do not exceed Rs 50 lakhs. When you are running a small business, you may not have enough resources to maintain proper accounting information and calculate your profit or loss. This makes it difficult to keep track of your income from such a business and find out how much tax you need to pay. With this in mind the Income Tax Department has laid out some simple provisions where your income is assumed based on the gross receipts of your business. This method is called the presumptive method, where tax is paid on an estimated basis. From FY 2016-17 onwards, if gross receipts are received through digital mode of payments ,then Net Income is estimated at 6% of such gross receipts and for cash receipts ,rate is same at 8% of such cash receipts. You don’t have to maintain books of accounts of this business. Eligibility Criteria for this Scheme To be eligible for this scheme: Your gross receipts or turnover of the business for which you want to avail this scheme should be less than Rs 2 crore. You must be a Resident in India. This scheme is allowed to an individual, a HUF or a partnership firm. It is not available to a Company. The taxpayer can voluntarily declare a higher income and pay tax on it. In case the taxpayer chooses to declare lower income than 8% of gross receipts – he shall have to maintain books of accounts and get them audited. Income Tax Return (ITR) | Income Tax Return for Business | Income Tax E-File | ITR for Business Income How to file ITR 1 for employees : https://www.youtube.com/watch?v=mUtVe2Topmw Deductions under Income Tax : https://www.youtube.com/watch?v=R5bSuZJnWk0 Meet us on facebook : https://facebook.com/charteredwisdom Follow on Instagram : https://www.instagram.com/charteredwisdom/ Email : [email protected]
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Text Comments (362)
mafuz (1 year ago)
rebate limit is reduced,now it is 3.5 lakh now
Super Dance Song (8 months ago)
mafuz monthly 5 lakh hote to kitna charge. Kate ga tax
Banking Mastery (1 year ago)
Yes , you are right. check " Banking mastery " channel to know more.....
mafuz (1 year ago)
You're right, thanks to clarify
Chartered Wisdom (1 year ago)
Mr. Mafuz we are filing Income Tax Return for the AY 2017-18 i.e. FY 2016-17 so the limit is 5 lakh But the limit that you specified was announced on Budget 2017 so 3.5 lakh shall be applicable for AY 2018-19 i.e. FY 2017-18. I think this will clear your confusion.
Jorge Campos (19 days ago)
What if I made no money and had total loss due to hurricane
Chartered Wisdom (18 days ago)
You have to audit your books of account by practising CA
Rajesh Patel (27 days ago)
this is really precious information but music is ruining everything....is that really neccessary ?
Chartered Wisdom (27 days ago)
Thanks for giving Feedback This is an old video and after getting continuous feedback we have not added music on other videos
S.s Oyas (1 month ago)
Baki to thik na bas ye jo beka miuzik jo he ise thoda dhire rakho
nitin chhabra (1 month ago)
i am doing business and job both then in that scenerio how to file ITR
Dilgeer Dilgeer (1 month ago)
sir i opened my shop yesterday,,, for me how to file ITR.. plz guide....
Dilgeer Dilgeer (1 month ago)
+Chartered Wisdom Thanks
Chartered Wisdom (1 month ago)
You have to file ITR next year You can follow that video in next year If any change will occur then we will surely make a new video
TOMAR VIDEOS (1 month ago)
Mei pehele baar itr register kr k itr kese bahru saving accounts ki transation 10 lac up hai
sumanta mondal (2 months ago)
Jitendra Dash (2 months ago)
Background music ke liye achha nahi lag raha video
li baba (2 months ago)
Music band Karo Bhai awaaz hi nahi aarahi hy
KG ke blogs (3 months ago)
sir apne video me back volume thodi si kam rakhe apki avaj achi tarike se nahi aati hai
Vipul Jain (3 months ago)
Explaination is genuine but background is Disturbing
Chartered Wisdom (3 months ago)
Thanks for honest feedback
vishvjit deshmukh (4 months ago)
manish verma (4 months ago)
Where is Advance Tax used here? Isn't that considered while filing ITR?
MOHAMMAD VARISH (4 months ago)
Please make video on ITR-V. AS SOON AS POSSIBLE.
Rushab Dave (4 months ago)
Jeslin Joe (4 months ago)
Chartered Wisdom I'm a proprietor, with income less than 2 crore. but I'm having Consultancy, Finance (Money lender). which form I should file sir?
libhiya pandidar (4 months ago)
Hey listen can u tell me how many time ITR is to be filed in a year
M TOOR TRAVRLS (4 months ago)
sir ji recharge ka busnesses rahega to 6% to nahi milta hai
SHAILESH KHATRI (4 months ago)
Construction ke business k liye konsa ITR File karna hoga sir. Plz help me..
appasaheb Gaikwad (4 months ago)
Sir please call me
Kumari B (4 months ago)
what if i have incurred loss? how to carry forward loss to the next financial year
Hemant Dhanorkar (4 months ago)
I have 3 queries: 1.A person is a running Cash Credit limit and a Term loan so under secured loan in the Balance Sheet only outstanding loan should be entered or full loan amount.?? 2. how Cash credit limit shall be mentioned in loan amount..??. 3. where to mention Stock market profit or loss incurred.??
samaresh takri (4 months ago)
Thank u so much....
Venkata Ramana (5 months ago)
hi sir i want now file it returns fy( 17-18 ),possibleand ,how to file using xml
Venkata Ramana (5 months ago)
ur vedio good ,can u explain xml file for businees people
Kiran Bangar (5 months ago)
Please Sent all Deduction Section Details
Kiran Bangar (5 months ago)
DHANESH BORO (5 months ago)
Thank you bohot acha laga..
arun nikumble (5 months ago)
Please stop this music
Puran Sen (5 months ago)
Income tax new business only one month ho gya July 31 tak usko it returns bharna jaruri he ya next year se strat kare please sir bataya
Puran Sen (5 months ago)
Starting bussiness main itr kese bhare income kya bataye
Chartered Wisdom (5 months ago)
Jo income hai vo mention karo
Mukesh Kumar (5 months ago)
Sir Mujhe nill return kr hai to Kon sa itr fill kr na ho ga I'm student no salary no other sources how to fill itr
ravi parkash (5 months ago)
kindly send demo for beauty parlour... [email protected]
kuldeep singh (6 months ago)
Sir Meti income 257000 hai uska mujhe balance sheet banwani hai for lone plz help me
akhand singh (6 months ago)
sir balanace sheet kaise banegi ??
Rushab Dave (6 months ago)
Sir service provider ko 50% on total receipts par dikhana hota hai , toh kounsa form hota hai kounsa itr form file karna hota hai
SparkleGroup2013 (6 months ago)
Good effort...!!!
Hirva Joshi (6 months ago)
Sir regular dealer ko konse gst return file karne hote hai? Gstr 3b Gstr 1...uske alawa konse return bharne hote hai.???or from 1/7/2017??
Hirva Joshi (6 months ago)
Wo kab file karna hoga??date?? Or ye gstr 2 bharna hai kya monthly?? Or gstr 3?
Chartered Wisdom (6 months ago)
Gstr 9 - Annually
Shivkumar Chauhan (6 months ago)
Sir mujhe ecommerce business start karna hai uske liye mujhe kya kya karna hoga pahle
Chartered Wisdom (6 months ago)
Apply for Gst registration
Surajit Pal (6 months ago)
How to income tax return filing for director???
Chartered Wisdom (6 months ago)
If director is employee file ITR 4 If director is independent file ITR 3 or ITR 4
Kalpesh Hingu (6 months ago)
dear sir i am a tailor and my income under 5 lakhs. which itr form fill up and how to
Chartered Wisdom (6 months ago)
You can file ITR 4, follow the video
hemant verma (6 months ago)
What is turnover
Mukesh Kashyap (6 months ago)
If I am an employee and also a businessman bt I have only a PAN card then what to do for it?
Jasvinder Kaur (6 months ago)
pl. intimate professional code to be mentioned in income tax return for AY 2018-19
Akul Bhutani (6 months ago)
Can home tuition also come under small business and become eligible for section 44ad?
Chartered Wisdom (6 months ago)
Yes it is eligible for section 44AD
shubham jain (6 months ago)
Sir 26 AS showing 194J income total amount paid/ credited 120000 and TDs 12000 can we show this in itr 4 as a gross receipts 120000 and declared profit 70520 in 44ADA
anju parkash (7 months ago)
Sir computation chart k liye koi software bataiye
Shankie Walia (7 months ago)
Simply elaborated. Thnx sir
shubham jain (7 months ago)
Sir TDs is deducted as per 194J consultation fees can we show it as a 44 ADA income
MS MALIK (7 months ago)
Sir, I had filed ITR 4 last year in 505 Contractors other's , but there is no serial no 505 in 18-19,AY , Can you tell me what can I select from the drop down list , IAM a small Fabrication Contractor, GTO 8.50 Lakh
Arjun Mp (7 months ago)
if i have registered pvt ltd company 6 months back can i pay itr saying i was doing business from past 1 year?
Chartered Wisdom (7 months ago)
Yes you can do that
Devender Gupta (7 months ago)
Sir agar hum company me ek vendor ki tarah kaam karte h to kaun si return fill karenge
Simran Pannu (7 months ago)
Sir agr bank ka account new ho or usme bank balance km ho and tex file main income jyada show krni ho to kya hum kr sakte hai
luxury motos (7 months ago)
A great work or tutorial done by genius
GOHEL PRAKASH (7 months ago)
Hello sir me file return ka businesses karna chahta hu plz reply 9978136356
Md Aazam (8 months ago)
I have not filled ITR for Financial year 2015-16, what to do now?
Ruth Noel (8 months ago)
mannan ali (9 months ago)
agar kisi ki 30,000 ki emi jaati hai to kya emi bhi incometax mein count ki jayegi ????
mannan ali (8 months ago)
commercial vehicle hai teen
Chartered Wisdom (8 months ago)
EMI kis purpose ke liye hai
Raju Biswas (9 months ago)
Hamara ek jomin sell huya 28laks pe kya mujhe uska upor tax dena hoga ? Tax dene se bachne k liye kya korna hoga ?
uniquetime friends (9 months ago)
sir project report ke upar vedio banaiye ek
Chandan Chakraborty (9 months ago)
sir present time i am submitted return ITR4 AY 2017-18 but incometax portal display this massese due date for filling this ITR selected return filling section is over. please help me
Chartered Wisdom (9 months ago)
Last date of ITR for AY 2017-18 was 31 March 2018 You cannot file now
Kalpesh Hingu (9 months ago)
Dear sir .. home business ho to kaise kare. Like tailor..
naushad khan (9 months ago)
sir aap mujhe school ka ITR kaise file karte hai clear bta sakte hai
AJIT KUMAR (9 months ago)
Nice video but sound problem in video,please solve .
naveen Cj (9 months ago)
If you can make it in english alone it wud be usefull really
rahulraj148 (9 months ago)
Hi, I am living in Madhya Pradesh and Filling belated returns. As I Spoke wid tax consultant, he said you need to register for service tax if your turn over is above 10 lakhs. But as I have checked the list of states where the threshold limit for GST is 10 lakhs and my stated "MP" is not there....Can I show turnover more than 10 lakhs? is there any change took place? Pls help me..its last day.
Chartered Wisdom (9 months ago)
Service tax is a matter of centre and not state. In last year threshold limit for registration was 9 lakh and liability to pay service tax was Rs 10 lakh turnover
Wooden Extension (9 months ago)
laajawaab sir perfect explanation . mene to video dekhte hue kia abhi file thanks a lot god bless u
Ankit S (9 months ago)
Hey, I am a app developer. I develop apps and earn my income from youtube google ads (which I put in my apps). Do I need to follow same process?
Chartered Wisdom (9 months ago)
Yes the process is same for you
Matlu Mtku (9 months ago)
Sir sath me capital gains hoto konsa itr bhare
Chartered Wisdom (9 months ago)
Kuldeep Sharma (9 months ago)
It'll be more useful without music.
Sundram Gupta (9 months ago)
Sir agr koi 3 lack business se n 2 lach agriculture se to kitta tax hoga
Syed Mohd Ahtisham (9 months ago)
A.y 2016-17 ko select karne par u/s 119 select karna padega kya. Aur. Online file bhi nahi ho raha h.
Dipen Dedhia (9 months ago)
Unnecessarily added
Chartered Wisdom (9 months ago)
We acknowledge your honest feedback.
Dipen Dedhia (9 months ago)
Very bad back ground sounds
Faheem Akram (9 months ago)
if we have only one income which is related tution fees so which ITR can we file? i m teacher
Faheem Akram (9 months ago)
Chartered Wisdom i m provide home tuitor so we will file return u/s 44AD
Chartered Wisdom (9 months ago)
Private coaching is a business
Faheem Akram (9 months ago)
Chartered Wisdom traching is not a business so why we file return uner sec 44 AD
Chartered Wisdom (9 months ago)
Under section 44AD
Faheem Akram (9 months ago)
which sec fall of the tution income
wazed ali (9 months ago)
sir, I m a small businessman I m filling GST monthly, My annual turn over 30 lakh. shall I file ITR 4 ? How ?? plz .... say , If Possible make a video if not write four lines about it...........
Jeslin Joe (4 months ago)
Chartered Wisdom I'm a proprietor, with income less than 2 crore. but I'm having Consultancy, Finance (Money lender). which form I should file sir?
Chartered Wisdom (9 months ago)
For partnership firm ITR 5 is applicable
wazed ali (9 months ago)
Sir, i m not propriator, partnership firm. Sir, I have to file both GST n IT? Sir.......
Chartered Wisdom (9 months ago)
You can file ITR 4 if you are proprietor and your annual turnover is up to Rs 2 crore. You can follow the video
Kavyansh Yadav (9 months ago)
Sir kya gst mei reg. KRANA aniwarya hai kya
Chartered Wisdom (9 months ago)
Agar turnover 20 lakh se jyaada hai to
Ramesh Chandra Tanti (10 months ago)
Sir yearly 700 rupees tx pay ka vidio banao plz
Akash Kaushal (10 months ago)
sir can i file return for A.Y. 2014-15 now in 2017-18 , please tell me.. thanking you
Chartered Wisdom (10 months ago)
No you missed the deadline You cannot file now
thank you very much sir ji
Dev Gupta (10 months ago)
pls. sir ek new video banaiye
Dev Gupta (10 months ago)
sir balance sheet kaise nikate hai individual ki
Aditya Bothikar (10 months ago)
Sir as per this vdo kya ham apna income tax khud bhar sakte hai ya ca ko appoint karna hi hoga
Chartered Wisdom (10 months ago)
Apne jan 2016 me business start kiya hai to apka FY 2016-2017 hoga AY 2017-18 Apke liye Due date 31st July 2017 thi Ab aap file kar sakte hai interest k sath
Aditya Bothikar (10 months ago)
Thanks for such a quick reply sir ....ek question tha sir hamne apna bussiness jan 2017 me chalu kia hai to hame kya 31st march tak tax bharna hoga ya nxt 31 march 2019 ko ...confused between assessment year and finiacial year....
Chartered Wisdom (10 months ago)
Khud File kar sakte hai
Vikas Bhardwaj (10 months ago)
नमस्कार सर मेरी कोचिंग क्लास है कृपया कोचिंग क्लास हेतु कौन सा इनकम टैक्स रिटर्न फॉर्म भरा जाएगा इस हेतु जानकारी देने की कृपा करें मेरे वार्षिक इनकम तकरीबन २५००००है कृपया जानकारी देने की कृपा करें
Amit kumar (4 months ago)
Documents kon sa lgega
Chartered Wisdom (10 months ago)
Aap ITR 4 file kar sakte hai
original vidio (10 months ago)
This option is not show in my page after login
original vidio (10 months ago)
Iam new user what I do for fill itr
Chartered Wisdom (10 months ago)
Send screenshot at [email protected]
Fasihullah Khan (10 months ago)
Dear sir our purchase 100% by bank transfer. total sale in cash.profit fix 1.25% Am I file ITR-4.
Chartered Wisdom (10 months ago)
In ITR 4 you have to show minimum 8% profit. Otherwise file ITR 3
Dipankar Naskar (10 months ago)
how to business itr3 new file
Chartered Wisdom (10 months ago)
Will make video later
x yz (10 months ago)
Sir very helpful viceo. Thanks from the bottom of my heart. Explaines clearly and in a simple manner. I have no questions now. Thnaks again.
Somnath Ghosh (10 months ago)
What shall I do I am not getting the option prepare & submit online ITR in e-filing option in my profile while filing itr 4?
Video World (10 months ago)
YouTube channel ki income ka bhi aise hi bharna hai? I Am full time blogger and youtuber
SUHAIL CHHABRA (10 months ago)
Chartered Wisdom hello sir mene itr ay 2017-18 file karni h usme option on due date fill kRu ya fir after due date fill karu
Video World (10 months ago)
Bhai ye bata do Ki agar tech channel hai toh Jo mobile phones review ke liye buy karte hain unki cost deductions and expenses me dikha sakte hain?
Chartered Wisdom (10 months ago)
Haan aise hi File karna hai
HD EDITOR (10 months ago)
Sir Naya Naya Business Start Kar Rha hu ITR Bana N Jaruri Hai Kya
Barejia Saeed (10 months ago)
Kyaa India me and Dusri country me income tax Returns alag hoti he?
Sagar Kikani (10 months ago)
how to download i tax software in my pc
Prony (10 months ago)
music thoda kam karo aur apna voice jyada clear hone do bhai
Amar Chand Rajput (10 months ago)
hello sir kya m back m itr bhar skta huu . plz
Chartered Wisdom (10 months ago)
Haan file kar sakte hai
StatesMan (10 months ago)
Background music ki wajah se aadha hi samajh aaya. Mujhe ye samajh nahi aata hai ki is background music ki jarurat kya hai? Jab aap tutorials banate hai to ye filmo ki tarah background music dekar faltu ka drama karke kya fayda. Agle bar se aisa na karen request hai aapse.
Jay Jadhao (11 months ago)
Sir one of my friend yesterday he got RERA registration....so basically he’s sole proprietor....... so sir when he has to file IT return? These assessment year for 2017 - 2018 or next assessment year If basic exemption not fulfilled then no requirements of filings rerun? Guide me
mukesh jagarval (11 months ago)
Aap apna help line number send kar sakte ho
Chartered Wisdom (11 months ago)
Contact through email [email protected]
mukesh jagarval (11 months ago)
Itr 4 44ad me sure profit and loss account or balance sheet mainten karna jaruri to nahi hai na
Chartered Wisdom (11 months ago)
Jaruri nahi hai

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