What is the ITR 4 Sugam Form?
ITR stands for Income Tax Return and ITR 4 Sugam Form is for the taxpayers who are filing return under the presumptive income scheme in Section 44AD, Section 44ADA and Section 44AE of the Income Tax (IT) Act. If the turnover of the aforementioned business becomes more than Rs 2 crores then the taxpayer can’t file ITR-4.
Latest Update in ITR 4 Form
- The IT department has released the offline utility and Excel-based utility for the e-filing of the ITR-4 form.
- ITR-4 form JSON schema for AY 2024-25 is now published at the official e-filing portal. Download Now
- The latest version of the Excel utility and JSON Schema for ITR-4 form are now available.
- CBDT has released a new schema for e-filing of ITR 4 form for residents, HUFs, and firms (other than LLPs) with a total income of up to Rs 50 lakh, as well as income from business and professions under sections 44ADA, 44AD, and 44AE, and agricultural income up to Rs. 5 thousand. Click to Download JSON File
Who can File the ITR 4 Sugam Form?
ITR 4 Sugam form can be filed by the individuals / HUFs / partnership firm(other than LLP) being a resident if:-
- Total income does not exceed Rs. 50 lakh.
- Assessee having business and profession income under section 44AD,44AE or ADA or or having interest income,family pension etc.
- Having agricultural income upto Rs 5,000/-
- Have single House property.
It must be noted that the freelancers involved in the above-mentioned profession can also choose this scheme only if their gross receipts are not more than Rs 50 lakhs.
File ITR 4 Via Gen IT Software, Get Demo!
Who can’t File the ITR 4 Form for AY 2024-25?
A person whose income from salary or house property or other sources is more than Rs 50 lakh cannot file ITR 4 Form for AY 2024-25. A person who is a director in a company or has invested in the unlisted equity shares or has any brought forward/ carry forward loss under house property income cannot file the ITR 4 for AY 2024-25.
Read Also: Section-Based Income Tax-Saving Tips For Salaried Person
Due Date for Filing ITR 4 Sugam Form for FY 2023-24 & AY 2024-25
- FY 2023-24 (AY 2024-25) – 31st July 2024
- FY 2022-23 (AY 2023-24) – 31st July 2023
- FY 2021-22 (AY 2022-23) – 31st July 2022
Guide to File Income Tax Return (ITR) 4 Sugam Online:
PART A: General Information
Part B: Gross Total Income
Part C: Deductions and Taxable Total Income
Part D: Tax Computations and Tax Status
Schedule BP: Details of Income From Business or Profession Computation of Presumptive Business Income Under Section 44ad
Computation of Presumptive Income From Professions Under Section 44ada:
Computation of Presumptive Income From Goods Carriages Under Section 44ae:
Information Regarding Turnover/gross Receipt Reported for GST
Financial Particular of The Business
Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
Schedule TCS: Details of Tax Collected at Source [As per Form 27D issued by the Collector(s)]
Schedule TDS1: Details of Tax Deducted at Source From Salary [as Per Form 16 Issued by Employer(S)]
Schedule TDS2: Details of Tax Deducted at Source on Income Other Than Salary [as Per Form 16 an Issued or Form 16c Furnished by Deductor(S)]
Verification
Recommended: Penalty Provisions If Not File Income Tax Returns for Current FY
ITR 4 Online User Manual Guide
