ITR 4 Form
The ITR 4 Form: an overview
In this post, We will go through ITR 4 of the Income Tax Act of 1961. Let’s look into each section in detail:
What is the ITR-4 form?
Form ITR-4, also known as SUGAM, is for taxpayers who have elected the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. However, if a taxpayer’s annual turnover exceeds Rs. 2 crores under the presumptive taxation scheme, the taxpayer will have to file an ITR-3.
Eligibility for filing ITR 4
The following individuals are eligible for ITR-4. If you fall into this group, you should file your returns using the ITR-4 form.
It is filed by individuals or Hindu Undivided Families who are RNOR (residents other than not ordinarily resident) or companies that are not Limited Liability Partnerships but are residents with incomes not exceeding ₹50 lakhs for the year 2021-22.
In addition, their earnings are classified as follows:
- A business income is calculated on a presumptive basis under Section 44AD but has a gross turnover of up to 2 crores. Alternatively, under Section 44AE, which deals with income from up to 10 goods carriages.
- With a gross receipt of up to 50 lakhs, Section 44ADA presumptively calculates income from a profession.
- Salary or pension income
- Earnings from a single-house property
- Interest income from a family pension is taxable under different circumstances.
The due date for ITR 4 filing
The due date for filing an income tax return is 31st July for Individuals and 30th September for Businesses.
Structure of ITR 4
ITR 4 consists of the following parts:
- Part-A: General Information of the Assessee
- Part-B: Gross total income from the five heads of income
- Part-C: Deductions and total taxable income
- Part-D: Tax Computation and Tax Status
- Verification and Signatures on the return
- Schedule-BP: Details of the Income from business
- Schedule-80G: Details of donations entitled for deduction under 80G
- Schedule-IT: Statement of payment of advance tax
- Schedule-TCS: Statement of Tax Collected at Source(TCS)
- Schedule-TDS1: Statement of Tax Deducted at Source (TDS) on Salary
- Schedule-TDS2: Statement of Tax Deducted at Source on income other than Salary
It should be noted that after the implementation of GST, the ITR-4 form has been modified accordingly from AY 2018-19 to include GST details.
How to file ITR-4?
You can file the ITR-4 form in two ways. The first method is online, while the other is offline. Let’s find out how to file an ITR-4.
Offline:
ITR4 can be filed offline if the taxpayers fall into any of the following cases:
- Individuals who are 80 years of age or more.
- Individuals with a net taxable income of less than Rs. 5 lakhs do not need to claim a tax refund on their return.
Offline filing is possible by submitting a return in physical paper form or a bar-coded return.
After successful submission, the department will provide an acknowledgment receipt.
Online:
Taxpayers can file ITR-4 online by:
- Furnishing returns electronically using a digital signature or;
- You can verify using Electronic Verification Code (EVC), Aadhaar OTP, or through net banking.
Note: ITR-4 is an annexure-less form, i.e., you do not have to attach any documents while filing ITR-4.
Download ITR-4
Click here to download your ITR Form
And with that, we end our discussion on ITR 4 form. If you have any questions, drop them in the comment section below.
