Advance tax and ITR4S


If I am using ITR 4s then do I need to fill advance tax?


The biggest advantage of ITR 4s is that it uses the presumed business income basis to calculate your tax obligations. The presumptive method comes under Section 44D which estimates 8% of gross receipts as your net income with no advance tax obligations.


Hi Sourav,

ITR-4S forms are for taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act. But, if your business turnover is over Rs. 2 crores, then you will have to file ITR-4.

In your case, since you’re using ITR 4S, you have to pay advance tax by March 15th. You do not need to comply with the requirement of quarterly instalment due dates of advance tax.

The benefit of paying advance in one instalment by the 15th of March only applies to the business for which this scheme was opted for. If you have income from any business apart from the one mentioned above, and your tax liability exceeds Rs. 10,000 in a year, then you have to pay advance tax such income.

Team BB