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ITR-4 SUGAM Form Filing - Income Tax Return

The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

Who can use ITR-4 Form ?
ITR-4 must be filed by individuals / HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
Who should not file ITR-4 Form ?

ITR-4 cannot be filed by taxpayers who fall into the below category :

  • Businesses with turnover of over Rs. 2 Crores
  • Professionals with gross receipts exceeding Rs. 50 Lakhs

In the above cases ITR-3 should be filed.

Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.

When should ITR-4 be filed ?

ITR-4 form is to be used when the assessee has income that falls into the below category :

  1. Income from carrying on a profession and has opted for presumptive income scheme as per section 44 ADA
  2. Income from Proprietary Business and has opted for presumptive income scheme as per section 44 AD or section 44AE
  3. Along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources
What is the due date for filing ITR-4 Form ?
Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.
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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

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Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

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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.

Assessee filing ITR-4 SUGAM form under the fourth method must complete the acknowledgement in ITR-V. After preparing ITR-V, the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

Procedure for Filing ITR 1 Form

Presumptive Taxation Scheme for SMEs

Presumptive Taxation Scheme for SMEs

From the financial year 2016-17, businesses having a turnover of upto Rs.2 crores can be registered under the presumptive taxation scheme. The rates of presumed income chargeable to tax under the cheme is set at 8% for the financial year 2016-17. Hence, if a business has a total turnover of Rs.1.0 crores in 2016-17, then the income chargeable to tax would be Rs.8 lakhs. Further, though the minimum amount chargeable to tax is determined under the presumptive taxation scheme, there is no higher limit. Hence, a taxpayer can also willingly declare a higher income than the mandatory 8% of gross receipts or total turnover, while filing income tax returns. So, it is up to the discretion of the business owner to declare if the profit margin in the business is more than the mandatory 8%.

Presumptive Taxation Scheme for Professionals

The presumptive taxation scheme has also been extended to professionals. However, professionals who wish to enroll under the presumptive taxation scheme should have gross receipts from professional services not exceeding Rs.50 lakhs in a financial year. For professionals enrolled under the presumptive taxation scheme, 50% of the total receipts of the professional during the financial year would be considered as profit and get taxed under the income tax head, “Profits and gains of business or profession”. For example, if a professional has total receipts from profession amounting to Rs.30 lakhs, then the taxable income would be a minimum of Rs.15 lakh under the presumptive taxation scheme.

Similar to the presumptive taxation scheme for SMEs, professionals can also declare income more than the mandatory 50% of the total receipts. Further, while calculating income under presumptive taxation scheme, professionals can claim deduction with respect to salary and interest paid to partners. However, professionals will not be eligible to claim deduction under Sections 30 to 38, including depreciation on assets.

Presumptive Taxation Scheme for Professionals

Presumptive Taxation Scheme for Transporters

Presumptive Taxation Scheme for Transporters

The presumptive taxation scheme for transporters can be availed by persons involved in plying, hiring or leasing of goods carriages. Individuals who own less than 10 goods carriage can enrol under the presumptive taxation scheme for transporters. Taxpayers enrolled under the presumptive taxation scheme for transporters can calculate income to be 7,500 for every month (or part of a month) for all types of goods carriage vehicles, heavy or light.

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