ITR-4 SUGAM Form Filing - Income Tax Return

The ITR-4 form are often employed by people, Hindu Undivided Families WHO square measure running a business with turnover of but ₹ two Crores and Professionals with gross receipts Olympian ₹ fifty Lakhs, provided they need opted for the presumptive financial gain theme as per Section 44AD ,Sec 44ADA and Section 44AE of the taxation Act.

Who can use ITR-4 form ?

ITR-4 should be filed by people / HUFs and Professionals WHO have opted for the presumptive financial gain theme as per Section 44AD ,Sec 44ADA and Section 44AE of the taxation Act.

Who should not file ITR-4 form ?

ITR-4 can’t be filed by taxpayers WHO be the below class :

  1. Businesses with turnover of over Rs. 2 Crores
  2. Professionals with gross receipts olympian Rs. 50 Lakhs

In the above cases ITR-3 should be filed.

Companies cannot file ITR-4 because it is applicable just for people / HUFs and Professionals. firms got to file ITR-6 or ITR-7 supported relevancy.

When should ITR-4 be filed ?

ITR-4 kind is to be used once the assessee has financial gain that falls into the below class :

  1. financial gain from carrying on a profession and has opted for presumptive financial gain theme as per section 44 ada
  2. financial gain from Proprietary Business and has opted for presumptive financial gain theme as per section forty four AD or section 44AE
  3. in conjunction with financial gain from a profession or proprietary business, come may additionally embody financial gain from House property, Salary/Pension and financial gain from alternative sources
What is the due date for filing ITR-4 form ?

Due date for filing taxation come is thirty first July for people and 30th September for Businesses.

Filing Income Tax Return ITR-4 SUGAM Form

ITR-4 SUGAM form can be filed under any of the following four methods:
  1. Filing in a paper form – Only applicable for individuals over 80 years old and/or individuals/HUFs whose income does not exceed Rs.5 lakhs and no refund is claimed.
  2. Filing online using digital signature certificate.
  3. Transmitting the data in ITR-4 SUGAM form electronically under electronic verification code.
  4. By transmitting the data in ITR-4 SUGAM form electronically and then mailing (By post) the return in Return Form ITR-V to the Income Tax Office.

Presumptive Taxation Scheme for SMEs

From the twelvemonth 2016-17, businesses having a turnover of up to Rs.2 crores will be registered beneath the presumptive taxation theme. The rates of probable financial gain guilty to tax beneath the cheme are ready at 8 may 1945 for the twelvemonth 2016-17. Hence, if a business includes a total turnover of Rs.1.0 crores in 2016-17, then the financial gain chargeable to tax would be Rs.8 lakhs. Further, although the minimum quantity guilty to tax is set beneath the presumptive taxation theme, there’s no higher limit. Hence, a remunerator may volitionally declare a better financial gain than the necessary 8 may 1945 of gross receipts or total turnover, whereas filing income tax returns. So, it’s up to the discretion of the business owner to declare if the margin of profit within the business is over the necessary 8 may 1945.

Presumptive Taxation Scheme for Professionals

The presumptive taxation theme has conjointly been extended to professionals. However, skilled WHO would like to recruit underneath the presumptive taxation scheme ought to have gross receipts from professional services not Olympian Rs.50 lakhs during a year. For professionals listed underneath the presumptive taxation scheme, five hundredth of the entire receipts of the skilled throughout the year would be thought of as profit and acquire taxed underneath the taxation head, “Profits and gains of business or profession”. as an example, if knowledgeable has total receipts from profession amounting to Rs.30 lakhs, then the ratable financial gain would be a minimum of Rs.15 hundred thousand underneath the presumptive taxation scheme.

Similar to the presumptive taxation scheme for SMEs, professionals can even declare financial gain over the obligatory five hundredth of the entire receipts. Further, whereas scheming financial gain underneath presumptive taxation scheme, professionals will claim deduction with reference to wage and interest paid to partners. However, professionals won’t be eligible to assert deduction underneath Sections thirty to thirty eight, together with depreciation on assets.

Presumptive Taxation Scheme for Transporters

The presumptive taxation scheme for transporters is often availed by persons concerned in plying, hiring or leasing of products carriages. People who own but ten product carriage will register below the presumptive taxation scheme for transporters. Taxpayers listed below the presumptive taxation scheme for transporters will calculate financial gain to be seven, 500 for each month (or a part of a month) for all sorts of products carriage vehicles, significant or lightweight.


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