The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 : Carrying on a business or profession. If you are an Individual Director in a company.
The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.
ITR 4 presumptive taxation 44ADA for cinematography etc. if not falling under 44ADA then 44AD. Gross receipts upto 50 lakhs without audit. Above 50 lakhs, then ITR3
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