ITR 4

also known as Sugam

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Welcome to Trisuka, your trusted partner for all your financial needs. We understand that tax compliance can be overwhelming, which is why we are here to simplify it for you. We will assist you through the essentials of ITR-4, including its purpose, necessary documents, filing steps, eligibility criteria, and the benefits of filing it on time.

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ITR 4

ITR-4, also known as Sugam, is an income tax return form provided by the Income Tax Department of India. It is specifically designed for individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships) who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act. ITR-4 is suitable for taxpayers with income from business or profession.

To file ITR-4, you will need the following documents:

  • PAN card (Permanent Account Number)
  • Aadhaar card
  • Details of income from business or profession, including receipts, expenses, and depreciation
  • Bank statements and books of accounts
  • TDS (Tax Deducted at Source) certificates
  • Investment proofs, such as LIC premium receipts or home loan interest certificates
  • Any other relevant financial documents supporting your income and deductions
  • Visit the Income Tax Department’s e-filing portal or Click Here for easy filing.
  • Register yourself and create an account (if you don’t already have one).
  • Download the ITR-4 form and carefully fill in the required details.
  • Validate the form and generate an XML file.
  • Upload the XML file on the e-filing portal.
  • Once successfully uploaded, an acknowledgment called ITR-V will be generated. Download and keep it for your records.
  • If you have a digital signature, you can electronically sign the ITR-V. Otherwise, print it, sign it, and send it to the Centralized Processing Center within 120 days.

To be eligible for filing ITR-4, you must meet the following criteria:

  • You should be an individual, Hindu Undivided Family (HUF), or firm (other than Limited Liability Partnerships).
  • You should have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act.
  • Your total turnover or gross receipts in the financial year should not exceed Rs. 2 crores.
  • You should not be eligible to file ITR-3.
  • Compliance with tax laws: Filing your tax return within the due date demonstrates your adherence to tax laws and helps maintain a clean financial record.
  • Avoiding penalties: Timely filing helps you avoid penalties and interest charges imposed by the Income Tax Department.
  • Simplified taxation: The presumptive taxation scheme under which ITR-4 is filed offers simplified tax calculations, thereby reducing the administrative burden.
  • Claiming deductions: By filing ITR-4, you can claim various deductions available under different sections of the Income Tax Act, such as Section 80C, 80D, and 80G, thus reducing your tax liability.
  • Financial record for loans: Timely filing ensures you have accurate financial records that can be utilized for loan processing or other financial requirements.
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FAQ

  1. Can I file ITR-4 if I have income from salary and business?
    No, if you have income from salary and business, you are not eligible to file ITR-4. In such cases, you should consider filing ITR-3.

  2. Is it necessary to maintain books of accounts if I am filing ITR-4?
    No, if you are filing ITR-4 under the presumptive taxation scheme, you are not required to maintain regular books of accounts. However, you should maintain a record of your income and expenses.

  3. Can I file ITR-4 if I have income from multiple businesses?
    Yes, you can file ITR-4 if you have income from multiple businesses. Provide the details of each business separately in the form.

  4. Can I file ITR-4 if my turnover exceeds Rs. 2 crores?
    No, if your turnover exceeds Rs. 2 crores, you are not eligible to file ITR-4. In such cases, you should consider filing ITR-3.

  5. Can I claim deductions under Section 80D while filing ITR-4?
    Yes, you can claim deductions under Section 80D for medical insurance premiums while filing ITR-4.

**Please note that while these answers provide a general understanding, it is always advisable to consult with professionals or legal experts for specific guidance to your unique circumstances.