Documents Required For ITR-4 Return Filing
Bank Statement
PAN CardPAN : card details of the individual.
Aadhar Card : Aadhaar card of the authorized signatory
ITR-4 Return Filing
The ITR-4 Form, also known as the Sugam form, is specifically designed for taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act. It is mandatory for eligible taxpayers to complete and submit this form.
For businesses with an annual turnover exceeding Rs. 2 Crores, ITR-3 should be used. Additionally, depending on individual circumstances, ITR-5 may also be required. Shaah Solutions provides expert assistance for ITR-4 income tax filing. Contact our specialists today for a smooth and accurate filing process.
Who Is Eligible to File Form ITR-4?
The ITR-4 Form is meant for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships or LLPs) who choose to avail of the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act.
What Is the Presumptive Taxation Scheme?
The presumptive taxation scheme simplifies tax compliance for certain individuals and businesses. Typically, under Section 44AA, individuals and businesses must maintain detailed accounting records. However, Sections 44AD, 44ADA, and 44AE provide relief by allowing small taxpayers to estimate their income at prescribed rates, reducing the need for detailed financial records. Here’s an overview of these schemes for ITR-4 users:
- Section 44AD: Allows Resident Individuals, HUFs, and Resident Partnership Firms (excluding LLPs) engaged in certain businesses to estimate their income, subject to specific conditions.
- Section 44ADA: Applicable to Resident individuals who are professionals in specified fields under Section 44AA(1) for estimating their professional income.
- Section 44AE: Applicable to individuals, HUFs, Firms (excluding LLPs), and others in the business of leasing, hiring, or plying goods carriages, with not more than ten vehicles.
Eligibility Criteria for Filing SUGAM (ITR-4) Form
To qualify for filing ITR-4 SUGAM, taxpayers must meet the following criteria for the assessment year:
- Total Income: Should not exceed Rs. 50 lakh.
- Income Sources: Must be from:
- Salary or Pension.
- One House Property.
- Interest income and/or family pension taxable under Other Sources.
- A business calculated on a presumptive basis (turnover up to Rs. 2 crores).
- Business from goods carriage (up to ten vehicles).
- Professional income under Section 44ADA (gross receipts up to Rs. 50 lakh).
Non-Applicability of ITR-4 SUGAM
The ITR-4 form is not applicable to the following taxpayers:
- Directors of a company.
- Individuals who held unlisted equity shares during the previous year.
- Taxpayers with foreign assets or interests.
- Those with income from sources outside India.
- Individuals with income from:
- Non-presumptive business profits.
- More than one house property.
- Capital gains.
- Lottery winnings or racehorse activities.
- Income taxed under special rates (Sections 115BBDA or 115BBE).
- Agricultural income exceeding Rs. 5,000.
ITR-4 Form Structure
The ITR-4 Form consists of four parts:
- Part A: General Information: Personal details like name, PAN, date of birth, address, and contact information.
- Part B: Gross Total Income: Report income from salary, pension, house property, business, or other sources.
- Part C: Deductions and Total Taxable Income: List deductions under various sections (e.g., 80C, 80D).
- Part D: Tax Computation: Calculate tax liability, including surcharges, rebates, and any taxes paid.
Additional Schedules: If opting for the presumptive income scheme, additional schedules like IT, TCS, TDS1, and TDS2 may be required.
Annexure-less Return: Taxpayers filing ITR-4 do not need to upload additional documents, including TDS certificates.
Why Choose Shaah Solutions for ITR-4?
- Expert Guidance: Our professionals will guide you through the entire filing process, ensuring accuracy and compliance with tax regulations.
- Convenience: File your ITR-4 online from anywhere, without the hassle of paperwork.
- Accuracy: Our thorough review ensures error-free filing, reducing the risk of future tax issues.
- Timely Filing: We prioritize on-time filing to help you avoid penalties and meet tax deadlines.
Contact Shaah Solutions today, and let our team assist you with every step of the process.