Change in itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2015 Hi,
please tell me that can i revise a return which have been filed ITR-4S before due date with the income of RS-170000 Business Income (Presumptive)and Rs 48000(other source) now i want to revise it in ITR-4 with Income of Rs 170000 business income and 129000 professional income. so tell me can i do it

CA CS LAVESH VASYANI

CA CS LAVESH VASYANI (Expert)
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04 December 2015 Yes you can revise the return in ITR -4

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2015 but what about business income it is presumptive income and more than 120000, some one told me that i cant file ITR-4 if presumptive business income is more than 120000

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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19 July 2024 Yes, you can revise your income tax return (ITR) from ITR-4S to ITR-4 if your income details have changed and you now need to report professional income along with your business income. Here are the key points to consider:

### Revising the ITR

1. **Filing ITR-4 for Professional Income:**
- ITR-4 is used when you have income from business or profession. If your total income from business and profession (including presumptive business income) exceeds ₹1,20,000, you are generally not eligible to use ITR-4S (Sugam) and should file ITR-4 instead.
- In your case, since your presumptive business income is ₹1,70,000 and you have professional income of ₹1,29,000, your total business and professional income is ₹2,99,000, which exceeds ₹1,20,000. Therefore, you should file ITR-4 for this revised return.

2. **Procedure to Revise:**
- Prepare a revised return using ITR-4 form.
- Mention your business income as per actuals (₹1,70,000) and your professional income (₹1,29,000).
- Calculate your total income, deductions, and tax liability based on these revised figures.
- Submit the revised return online through the Income Tax e-filing portal.

3. **Timing:**
- You can revise your return before the end of the assessment year or within one year from the end of the relevant assessment year, whichever is earlier. For example, for the assessment year 2023-24 (financial year 2022-23), you can revise your return by the due date of filing the return for AY 2023-24 or before the end of the assessment year 2023-24.

### Important Considerations

- **Correct Form Usage:** Ensure that you use the correct ITR form (ITR-4) based on your income sources (business and professional income).

- **Presumptive Income Limit:** While ITR-4 is generally used for reporting actual income, if your presumptive business income exceeds ₹1,20,000, you should ideally file ITR-3 (for individuals and HUFs having income from business and profession) instead of ITR-4. However, if you have already filed ITR-4S (Sugam) and need to revise due to professional income, filing ITR-4 for the revised return is appropriate.

- **Professional Assistance:** If you're unsure about the correct form or any other aspects of filing your revised return, consider consulting with a tax advisor or accountant who can provide guidance tailored to your specific situation.

By following these steps and ensuring accurate reporting of your income, you can effectively revise your income tax return from ITR-4S to ITR-4 to reflect your updated income details.