ITR 4 Form which is also known as SUGAM is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.
Choose Your Package
- Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
- Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.
- Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
Who is required to file ITR 4?
ITR 4 is to be filed by the individuals/HUF/ Partnership firm whose total income of AY 2020-21 includes as below:
- Business income under section 44AD or 44AE
- Income from profession calculated under section 44ADA
- Salary/pension having income up to Rs 50 lakh
- Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head)
- Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races).
Not Eligible to file ITR 4
- Income from Winnings from lottery or income from Race horses.
- Income under the head Capital Gains.
- Income from dividends received from domestic companies.
- Agricultural income in excess of Rs 5,000.
- Income from Speculative Business and other special incomes.
- Income from an agency business or income in the nature of commission or brokerage.
- A person claiming relief under Double Taxation Scheme.
- Income from asset located outside India.
- Income from outside India.
How Do I File My ITR-1 Form?
You can submit your ITR-1 Form either online or offline. Filing tax online is way much easier now then ever, A taxpayer just needs to upload his total taxable income after claiming eligible deduction and after that a form needs to be filed.
File Your ITR With Upriselegal
With our experienced and skilled personnel, We at UpriseLegal makes process of ITR very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on how to file your ITR, as UpriseLegal is there to provide all the assistance that you need. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow! You may get in touch with our compliance manager on 9173512402 or email us at firstname.lastname@example.org for free consultation.