Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Who cannot use ITR-4?

The scope of ITR-4 for the Assessment Year 2019-20 has been curtailed substantially. Following persons, who have filed return in this form in AY 2018-19, would not be able to use it in this assessment year:

a) HUF, being a not ordinarily resident

b) Not Ordinarily or Non-resident Individual

c) Non-resident Partnership Firm

d) Ordinarily Resident Individual, HUF or Resident Firm:

 whose income is more than Rs. 50 lakhs

 who held unlisted shares during the year

e) A Ordinarily Resident individual who:

 wishes to claim deduction under Section 80QQB or 80RRB

 is governed by the Portuguese Civil Code

 is a Director in a company

 is taxable for an income in respect of which tax is deducted in the name of other person


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