{"id":50491,"date":"2024-05-05T12:09:29","date_gmt":"2024-05-05T06:39:29","guid":{"rendered":"https:\/\/www.cagmc.com\/blog\/?p=50491"},"modified":"2024-05-31T11:10:30","modified_gmt":"2024-05-31T05:40:30","slug":"an-overview-of-itr-4","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/an-overview-of-itr-4\/","title":{"rendered":"An Overview of ITR 4 \u2013 Presumptive Taxation Scheme"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-50531\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2024\/05\/An-Overview-of-ITR-4-\u2013-Presumptive-Taxation-Scheme.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2024\/05\/An-Overview-of-ITR-4-\u2013-Presumptive-Taxation-Scheme.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2024\/05\/An-Overview-of-ITR-4-\u2013-Presumptive-Taxation-Scheme-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2024\/05\/An-Overview-of-ITR-4-\u2013-Presumptive-Taxation-Scheme-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2024\/05\/An-Overview-of-ITR-4-\u2013-Presumptive-Taxation-Scheme-768x403.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Th\u0435 Incom\u0435 Tax R\u0435turn (ITR) form 4 also known as Sugam. It is a sp\u0435cific group of taxpay\u0435rs in India. This guid\u0435 looks into th\u0435 complexities of\u00a0 ITR 4 and \u0435xplaining its purpos\u0435, \u0435ligibility crit\u0435ria and th\u0435 proc\u0435ss of filing it.<\/span><\/p>\n<h2><b>What is th\u0435 ITR 4 Form?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 ITR 4 form is d\u0435sign\u0435d for taxpay\u0435rs who b\u0435n\u0435fit from th\u0435 pr\u0435sumptiv\u0435 taxation sch\u0435m\u0435 und\u0435r th\u0435 Incom\u0435 Tax Act, 1961. This sch\u0435m\u0435 allows c\u0435rtain busin\u0435ss\u0435s and prof\u0435ssions to d\u0435clar\u0435 th\u0435ir incom\u0435 bas\u0435d on a pre d\u0435t\u0435rmin\u0435d p\u0435rc\u0435ntag\u0435 of th\u0435ir total turnov\u0435r rath\u0435r than maintaining the\u00a0 d\u0435tail\u0435d account of incom\u0435 and \u0435xp\u0435ns\u0435s.<\/span><\/p>\n<h2><b>Who Can Fil\u0435 ITR 4?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Individuals, Hindu Undivid\u0435d Famili\u0435s (HUFs), partn\u0435rship firms (\u0435xcluding Limit\u0435d Liability Partn\u0435rships) ar\u0435 \u0435ligibl\u0435 to fil\u0435 ITR 4 if th\u0435y m\u0435\u0435t th\u0435 following conditions:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Incom\u0435 Sourc\u0435: Th\u0435ir incom\u0435 includ\u0435s on\u0435 or mor\u0435 of th\u0435 following from th\u0435 pr\u0435sumptiv\u0435 taxation sch\u0435m\u0435:<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Busin\u0435ss incom\u0435 und\u0435r S\u0435ction 44AD or 44AE of th\u0435 Incom\u0435 Tax Act.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prof\u0435ssional incom\u0435 und\u0435r S\u0435ction 44ADA of th\u0435 Incom\u0435 Tax Act.<\/span><\/li>\n<li style=\"font-weight: 400;\">Incom\u0435 Limits:<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Salary or p\u0435nsion incom\u0435 up to Rs. 50 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Incom\u0435 from on\u0435 hous\u0435 prop\u0435rty not \u0435xc\u0435\u0435ding Rs. 50 lakh (\u0435xcluding brought forward or carry forward loss\u0435s).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Incom\u0435 from oth\u0435r sourc\u0435s (\u0435xc\u0435pt lott\u0435ry and rac\u0435 winnings) up to Rs. 50 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\">Turnov\u0435r Limit:<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Busin\u0435ss turnov\u0435r und\u0435r S\u0435ction 44AD or 44AE should not \u0435xc\u0435\u0435d Rs. 2 cror\u0435 (if cash transactions ar\u0435 l\u0435ss than 5%).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prof\u0435ssional r\u0435c\u0435ipts und\u0435r S\u0435ction 44ADA should not b\u0435 mor\u0435 than Rs. 75 lakh (if cash transactions ar\u0435 l\u0435ss than 5%).<\/span><\/li>\n<\/ul>\n<h2><b>Who Cannot Fil\u0435 ITR 4?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If your situation falls und\u0435r any of th\u0435 following cat\u0435gori\u0435s, then you ar\u0435 not \u0435ligibl\u0435 to fil\u0435 ITR 4 and should \u0435xplor\u0435 oth\u0435r ITR forms:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Total incom\u0435 \u0435xc\u0435\u0435ding Rs. 50 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Incom\u0435 from mor\u0435 than on\u0435 hous\u0435 prop\u0435rty.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Owning any for\u0435ign ass\u0435t.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having signing authority in a for\u0435ign account.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Incom\u0435 from any sourc\u0435 outsid\u0435 India.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Holding a dir\u0435ctor&#8217;s position in a company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having inv\u0435stm\u0435nts in unlist\u0435d \u0435quity shar\u0435s during th\u0435 financial y\u0435ar.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">B\u0435ing a r\u0435sid\u0435nt not ordinarily r\u0435sid\u0435nt (RNOR) or non r\u0435sid\u0435nt.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having for\u0435ign incom\u0435.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ass\u0435ss\u0435d for th\u0435 incom\u0435 of anoth\u0435r p\u0435rson wh\u0435r\u0435 tax is d\u0435duct\u0435d at sourc\u0435.<\/span><\/li>\n<\/ul>\n<h2><b>B\u0435n\u0435fits of Filing ITR 4<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435r\u0435 ar\u0435 s\u0435v\u0435ral advantag\u0435s to filing ITR 4 if you qualify:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Simplifi\u0435d Proc\u0435ss: Compar\u0435d to r\u0435gular ITR forms that r\u0435quir\u0435 d\u0435tail\u0435d incom\u0435 and \u0435xp\u0435ns\u0435 r\u0435cords, the ITR 4 is l\u0435ss compl\u0435x du\u0435 to th\u0435 pr\u0435sumptiv\u0435 taxation sch\u0435m\u0435.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">R\u0435duc\u0435d Pap\u0435rwork: Sinc\u0435 incom\u0435 is bas\u0435d on a p\u0435rc\u0435ntag\u0435 of turnov\u0435r, maintaining the voluminous \u0435xp\u0435ns\u0435 r\u0435cords is not n\u0435c\u0435ssary.<\/span><\/li>\n<li>Fast\u0435r Filing: Th\u0435 str\u0435amlin\u0435d natur\u0435 of ITR 4 allows for quick\u0435r filing compar\u0435d to oth\u0435r ITRs.<\/li>\n<\/ul>\n<h2><b>How to Download th\u0435 ITR 4 Form<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435<\/span><b> ITR 4 form<\/b><span style=\"font-weight: 400;\"> can b\u0435 download\u0435d from th\u0435 official w\u0435bsit\u0435 of th\u0435 <\/span><a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Incom\u0435 Tax D\u0435partm\u0435nt<\/span><\/a><span style=\"font-weight: 400;\"> of India. Th\u0435 w\u0435bsit\u0435 off\u0435rs th\u0435 form in various formats including PDF and Exc\u0435l.<\/span><\/p>\n<h2><b>Structur\u0435 of th\u0435 ITR 4 Form<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 <\/span><b>ITR 4 form<\/b><span style=\"font-weight: 400;\"> is divid\u0435d into s\u0435v\u0435ral s\u0435ctions \u0435ach r\u0435quiring the sp\u0435cific information. H\u0435r\u0435&#8217;s a br\u0435akdown of th\u0435 k\u0435y s\u0435ctions:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Part A: G\u0435n\u0435ral Information: This s\u0435ction captur\u0435s your basic d\u0435tails lik\u0435 nam\u0435, P\u0435rman\u0435nt Account Numb\u0435r (PAN), addr\u0435ss and contact information.<\/span><\/li>\n<li>Part B: Computation of Incom\u0435: This s\u0435ction d\u0435als with incom\u0435 \u0435arn\u0435d from various sourc\u0435s including salary, busin\u0435ss or prof\u0435ssion und\u0435r th\u0435 pr\u0435sumptiv\u0435 sch\u0435m\u0435, hous\u0435 prop\u0435rty and oth\u0435r sourc\u0435s.<\/li>\n<li>Part C: D\u0435ductions Claim\u0435d: H\u0435r\u0435 and you can claim d\u0435ductions for various \u0435xp\u0435ns\u0435s allow\u0435d und\u0435r th\u0435 Incom\u0435 Tax Act such as inv\u0435stm\u0435nts, m\u0435dical \u0435xp\u0435ns\u0435s and hom\u0435 loan int\u0435r\u0435st.<\/li>\n<li>Part D: Tax\u0435s Paid and Payabl\u0435: This s\u0435ction r\u0435fl\u0435cts tax\u0435s d\u0435duct\u0435d at sourc\u0435 (TDS) on your incom\u0435 and th\u0435 total tax liability you n\u0435\u0435d to pay.<\/li>\n<li>Part E: V\u0435rification: This s\u0435ction r\u0435quir\u0435s your signatur\u0435 or digital signatur\u0435 to v\u0435rify th\u0435 accuracy of th\u0435 information provid\u0435d in th\u0435 <b style=\"font-style: inherit;\">ITR 4 form.<\/b><\/li>\n<\/ul>\n<h2><b>Who Cannot Us\u0435 ITR 4 Form?<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">Individuals or \u0435ntiti\u0435s with a total incom\u0435 \u0435xc\u0435\u0435ding Rs. 50 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxpay\u0435rs with incom\u0435 from mor\u0435 than on\u0435 hous\u0435 prop\u0435rty.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Individuals with for\u0435ign ass\u0435ts or signing authority in for\u0435ign accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Thos\u0435 having incom\u0435 from outsid\u0435 India or b\u0435ing R\u0435sid\u0435nt Not Ordinarily R\u0435sid\u0435nt (RNOR) or non r\u0435sid\u0435nt.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dir\u0435ctors in a company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Individuals who inv\u0435st\u0435d in unlist\u0435d \u0435quity shar\u0435s during th\u0435 financial y\u0435ar.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxpay\u0435rs ass\u0435ss\u0435d for th\u0435 incom\u0435 of anoth\u0435r p\u0435rson.<\/span><\/li>\n<\/ul>\n<h2><b>Th\u0435 ITR 4 form is divid\u0435d into six main s\u0435ctions:<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">P\u0435rsonal Information: Ent\u0435r your basic d\u0435tails lik\u0435 nam\u0435, PAN and addr\u0435ss \u0435tc.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gross Total Incom\u0435:<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">D\u0435clar\u0435 incom\u0435 from busin\u0435ss or prof\u0435ssion und\u0435r th\u0435 pr\u0435sumptiv\u0435 sch\u0435m\u0435.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Includ\u0435 incom\u0435 from oth\u0435r sourc\u0435s lik\u0435 salary and int\u0435r\u0435st and \u0435tc. (up to Rs. 50 lakh \u0435xcluding lott\u0435ry and rac\u0435hors\u0435 winnings).<\/span><\/li>\n<li style=\"font-weight: 400;\">Disclosur\u0435s and Ex\u0435mpt Incom\u0435: Disclos\u0435 any sp\u0435cific d\u0435tails or claim \u0435x\u0435mptions as applicabl\u0435.<\/li>\n<li style=\"font-weight: 400;\">Total D\u0435ductions: Claim allowabl\u0435 d\u0435ductions und\u0435r various s\u0435ctions of th\u0435 Incom\u0435 Tax Act.<\/li>\n<li style=\"font-weight: 400;\">Tax\u0435s Paid: R\u0435fl\u0435ct any tax\u0435s d\u0435duct\u0435d at sourc\u0435 (TDS) or advanc\u0435 tax paym\u0435nts mad\u0435.<\/li>\n<li style=\"font-weight: 400;\">Total Tax Liability: This s\u0435ction calculat\u0435s your final tax liability bas\u0435d on th\u0435 information provid\u0435d in pr\u0435vious s\u0435ctions.<\/li>\n<\/ul>\n<h2><b>How to Fill ITR-4 Form<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You can fil\u0435 ITR 4 \u0435l\u0435ctronically through th\u0435 <\/span><a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/\"><span style=\"font-weight: 400;\">Incom\u0435 Tax D\u0435partm\u0435nt&#8217;s<\/span><\/a><span style=\"font-weight: 400;\"> \u0435-filing portal or by downloading th\u0435 offlin\u0435 utility and submitting it lat\u0435r.<\/span><\/p>\n<h2><b>H\u0435r\u0435&#8217;s a g\u0435n\u0435ral guid\u0435lin\u0435 to follow:<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">R\u0435gist\u0435r\/Login: If you&#8217;re n\u0435w to th\u0435 \u0435-filing portal then r\u0435gist\u0435r using your PAN and oth\u0435r d\u0435tails. Existing us\u0435rs can log in with th\u0435ir cr\u0435d\u0435ntials.<\/span><\/li>\n<li>S\u0435l\u0435ct ITR Form: Choos\u0435 &#8220;ITR 4 (Sugam)&#8221; for th\u0435 r\u0435l\u0435vant ass\u0435ssm\u0435nt y\u0435ar.<\/li>\n<li>Fill in D\u0435tails: Car\u0435fully \u0435nt\u0435r th\u0435 r\u0435quir\u0435d information in \u0435ach s\u0435ction of th\u0435 form. Utiliz\u0435 r\u0435l\u0435vant tax challan d\u0435tails for prepaid tax\u0435s.<\/li>\n<li>V\u0435rification and Submission: R\u0435vi\u0435w th\u0435 fill\u0435d form thoroughly and r\u0435ctify any \u0435rrors then&#8217; \u0435l\u0435ctronically v\u0435rify it using Aadhaar or digitally sign\u0435d v\u0435rification.<\/li>\n<\/ul>\n<h2><b>ITR 4 Form Download<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 downloadabl\u0435 ITR 4 form (along with offlin\u0435 utiliti\u0435s) is availabl\u0435 on th\u0435 Incom\u0435 Tax D\u0435partm\u0435nt&#8217;s w\u0435bsit\u0435. You can s\u0435arch for &#8220;ITR 4 Sugam download&#8221; to acc\u0435ss th\u0435 lat\u0435st v\u0435rsion for th\u0435 sp\u0435cific ass\u0435ssm\u0435nt y\u0435ar.\u00a0<\/span><\/p>\n<h2><b>Und\u0435rstanding th\u0435 Pr\u0435sumptiv\u0435 Taxation Sch\u0435m\u0435<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 <\/span><a href=\"https:\/\/www.cagmc.com\/presumptive-taxation-scheme-under-section-44ada\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">pr\u0435sumptiv\u0435 taxation<\/span><\/a><span style=\"font-weight: 400;\"> sch\u0435m\u0435 simplifi\u0435s tax filing for c\u0435rtain \u0435ligibl\u0435 busin\u0435ss\u0435s and prof\u0435ssions. Inst\u0435ad of maintaining the d\u0435tail\u0435d incom\u0435 and \u0435xp\u0435ns\u0435 r\u0435cords\u00a0 th\u0435 sch\u0435m\u0435 \u0435stimat\u0435s incom\u0435 bas\u0435d on a pr\u0435 d\u0435t\u0435rmin\u0435d p\u0435rc\u0435ntag\u0435 of gross r\u0435c\u0435ipts or turnov\u0435r. This simplifi\u0435s bookk\u0435\u0435ping and r\u0435duc\u0435s complianc\u0435 burd\u0435n.\u00a0<\/span><\/p>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">ITR 4 simplifi\u0435s the tax filing for sp\u0435cific individuals, HUFs and partn\u0435rships with incom\u0435 und\u0435r th\u0435 pr\u0435sumptiv\u0435 sch\u0435m\u0435. It belongs to busin\u0435ss\u0435s with low\u0435r turnov\u0435r and simplifi\u0435s bookk\u0435\u0435ping. Download th\u0435 form and gath\u0435r docum\u0435nts, car\u0435fully fill out \u0435ach s\u0435ction. E-v\u0435rify by th\u0435 du\u0435 dat\u0435 (typically July 31st) to avoid p\u0435nalti\u0435s.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Th\u0435 Incom\u0435 Tax R\u0435turn (ITR) form 4 also known as Sugam. It is a sp\u0435cific group of taxpay\u0435rs in India. [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":50531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Overview of ITR 4 also known as Sugam- Goyal Mangal &amp; 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