What is ITR-4 (Sugam) Form?

ITR-4 (Sugam) is an income tax return form specifically designed for taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act.

Who is eligible to file ITR4 (Sugam) Form?

ITR 4 applicability extends to Individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships or LLPs) who choose the presumptive income scheme under Sections 44AD, 44ADA, or 44AE.

Who is eligible for the Presumptive Taxation Scheme under Section 44AD?

Resident individuals, Resident Hindu Undivided Families (HUFs), and Resident Partnership Firms (excluding Limited Liability Partnerships) engaged in certain businesses can use this scheme to estimate their income, subject to specific conditions.

Who can utilize the Presumptive Scheme under Section 44ADA?

Resident individuals in India who are professionals in fields specified under Section 44AA(1) can use this scheme to estimate their professional income, subject to certain conditions.

What is the eligibility for the Presumptive Scheme under Section 44AE?

This scheme is applicable to individuals, HUFs, firms, and other residents or non-residents engaged in the business of plying, leasing, or hiring goods carriages. They can estimate their income under this scheme, provided they own not more than ten goods carriages during the previous year.

What are the eligibility criteria for using ITR-4 (Sugam) Form?

To use ITR-4 (Sugam), taxpayers must meet specific criteria: Total income should not exceed Rs. 50 lakh. Income must be derived from specified sources, such as salary, pension, one house property, interest income, presumptive business income (up to Rs. 2 crores), and professional income (up to Rs. 50 lakh).

What types of Income are not eligible for ITR 4 income tax filing?

ITR 4 income tax form cannot be used for income types like profits and gains from certain businesses, more than one house property, capital gains, lottery winnings, owning and maintaining racehorses, and certain other specified incomes.

Can a taxpayer with a loss file ITR-4 (Sugam)?

Taxpayers with certain types of losses, deductions, or tax credits, as specified in the Income Tax Act, are not eligible to file ITR-4 (Sugam).

What is the structure of ITR-4 (Sugam) Form?

ITR-4 (Sugam) consists of four parts: Part A: General Information Part B: Gross Total Income Part C: Deductions and Total Taxable Income Part D: Tax Computation and Tax Status

Is the annexure of documents required when filing ITR-4 (Sugam)?

No, taxpayers are not required to attach any additional documents, including TDS certificates, when filing ITR-4 (Sugam).

Why choose IndiaFilings for ITR-4 (Sugam) filing?

IndiaFilings offers expert guidance, convenience, accuracy, and timely filing services for ITR-4 (Sugam). Our professionals ensure compliance with tax regulations, making the filing process hassle-free.

Can ITR-4 (Sugam) be filed online?

Yes, you can file ITR-4 (Sugam) online through the official Income Tax Department website or using authorized e-filing intermediaries like IndiaFilings.

What is the penalty for late filing of ITR-4 (Sugam)?

Late filing of ITR-4 (Sugam) can result in penalties under section 234F, which can be up to Rs. 10,000, depending on the delay.

Can I revise my ITR-4 (Sugam) after filing?

Yes, you can revise your ITR-4 (Sugam) within the specified period if you discover errors or omissions in the original filing.

Are there specific exemptions for professionals under ITR-4 (Sugam)?

ITR-4 (Sugam) does not provide specific exemptions for professionals. However, it is designed for taxpayers who choose the presumptive income scheme, which can simplify tax calculations for professionals.

Is there a difference in the due dates for individuals and businesses filing ITR-4 (Sugam)?

The due date for filing ITR-4 (Sugam) is the same for both individuals and businesses. It depends on whether the accounts are subject to audit.

Can ITR-4 (Sugam) be filed manually, or is e-filing mandatory?

E-filing is mandatory for taxpayers whose accounts are required to be audited under Section 44AB of the Income Tax Act. Others may choose to file manually.

Itr 4 Sugam Form In Bilaspur

Name: ITR-4 Return Filing
Brand: IndiaFilings
SKU: 110
Price: 4899 INR
Availability: InStock
Rating: 4.8 (8799 reviews)

ITR 4 Filing in Bilaspur is for the taxpayers who have opted the file the Income-tax returns under the presumptive taxation scheme. The presumptive taxation scheme allows the small taxpayers exemption from maintaining the books of accounts.

What is the presumptive taxation scheme?

By opting for a presumptive taxation scheme the small taxpayers are exempted from maintaining the books of accounts. The net income is estimated to be 8% of the gross cash receipts. But for the payments that are received via the digital mode, the net income is assumed to be 6% of such gross receipts. Here, under the presumptive taxation scheme deduction of any business expense against the income is not allowed. The owner of the business has to pay 100% Advance tax by the 15th of March.

Under the Presumptive taxation scheme, there is no need to comply with the quarterly installments of the due date of the Advance tax ( i.e in June, September, December)

Amendments to the ITR 4 Return filing in Bilaspur

A taxpayer who is making cash deposits of above Rs.2 crore with the bank, incurring expenses of more than Rs 2 lakh on foreign travel, has electricity bills of Rs.1 lakh should file ITR 1. Here the taxpayer has to indicate the amount of the deposit or the expenses that have been incurred.

Under Part A the Government checkbox stands changed to the 'Central Government' and 'State Government' and a checkbox 'Not applicable' has also been introduced under the 'Nature of Employment Section.

The ITR 4 Returns filed in Bilaspur under the section have been segregated as normal filing and filings that are a response to the notices.

Schedule VI A has been amended to include the deduction under Section 80EEA and Section 80EEB. Here Under Section 80 G, the details of donations made can be provided.

In schedule BP, the gross turnover or the gross receipts are required to include the revenues that are received from the electronic modes that are prescribed before the specified date.

Tax deduction details also claim for the investments or the payments or the expenditure that is made between 1 April 2020 to June 30 June 2020.

With IndiaFilings you can file ITR 4 returns in Bilaspur easily in a paperless way. Talk to our filings expert today.

Itr 4 Sugam Form In Bilaspur FAQ's

Yes, ITR 4 in Bilaspur is applicable to the individuals and the HUFs and also Partnership firms other than LLPs. The partners also need to be residents of India having income from business or profession.

ITR 4 can be filed offline by individuals who are above 80 years by furnishing a return in the paper form or by furnishing the barcoded return.

ITR 4 filings in Bilaspur can be done online by furnishing the return electronically under the Digital Signature and by transmitting the data electronically and submitting the verification of the return in Form ITR V.

ITR 4 filing in Bilaspur is to be done by the individuals/ HUFs and small businesses who have income from proprietary businesses profession. Whereas the ITR 4S filing is required when an individual has opted for the presumptive income method.

Itr 4 Sugam Form In Bilaspur

Basic

Tax Assist

Itr 4 Sugam Form In Bilaspur

Related Guides

Itr 4 Sugam Form In Bilaspur FAQ's

Other Services

Popular Services

Popular Searches