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FAQ on ITR-4

1.    Who is eligible to file ITR-4 for AY 2022-23?

ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:
•    Income not exceeding ₹50 Lakh during the FY
•    Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
•    Income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000/-)
•    Other sources which include (excluding winning from Lottery and Income from Race Horses): 
o    Interest from Savings Account
o    Interest from Deposit (Bank / Post Office / Cooperative Society)
o    Interest from Income Tax Refund
o    Family Pension
o    Interest received on enhanced compensation
o    Any other Interest Income (e.g., Interest Income from unsecured loan)

2. Who is not eligible to file ITR-4 for AY 2022-23?
ITR-4 cannot be filed by an individual / HUF / Firm (Other than LLP) who:
•    is a Resident Not Ordinarily Resident (RNOR), and non-Resident Indian
•    has total income exceeding ₹ 50 Lakh
•    has agricultural income in excess of ₹5,000/-
•    is a Director in a Company
•    has income from more than one House Property;
•    has income of the following nature: 
o    winnings from lottery;
o    activity of owning and maintaining race horses;
o    income taxable at special rates  u/s115BBDA or Section 115BBE;
•    has held any unlisted equity shares at any time during the previous year
•    has deferred income tax on ESOP received from employer being an eligible start-up
•    is not covered under the eligibility conditions for ITR-4

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