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.




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.
ITR-4 cannot be filed by taxpayers who fall into the below category :
1. Businesses with turnover of over Rs. 2 Crores
2. 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.
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
Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.

Basic

1,999

Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

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Startup

3,999

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

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