Answer

1. F

   Facts

   No. ITR-4 cannot be used by a director of a company, a person holding unlisted equity shares, a person with foreign assets or foreign income, agricultural income above ₹5,000, or losses to carry forward, among other bars. Such filers use ITR-3.

2. P

   Provisions and law

   • Sec 44AD (now Sec 58)Presumptive business income at 6% of digital and 8% of other receipts for eligible businesses
   • Rule 12, Income-tax Rules 1962 (now Rule 164)Return forms and eligibility
3. A

   Analysis

   You can still declare the shop's income on the presumptive basis in ITR-3; only the form changes. ITR-3 asks for more details, such as director's DIN and shareholding. If you filed ITR-4 wrongly, the return may be treated as defective; fix it with a revised return in the right form. The same applies to unlisted share holders, which includes many startup employees with ESOP shares.

4. C

   Conclusion

   1. 1Check each bar against your situation
   2. 2If any applies, use ITR-3
   3. 3Declare presumptive income in ITR-3 if eligible
   4. 4Revise if ITR-4 was filed wrongly

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.