ITR-4, also known as the Sugam form, is a specialized Income Tax Return form designed for specific taxpayers in India. It is primarily used by individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) who opt for the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act. The form is applicable for taxpayers with a total income not exceeding Rs. 50 lakh, derived from specified sources such as business and professional income
The ITR-4 form is structured into four main parts to comprehensively capture a taxpayer’s financial information.Part A covers personal details like name, PAN number, and contact information. Part B requires reporting income from five different heads: business, salary, house property, and other sources.Part C involves listing deductions under various sections of the Income Tax Act, while Part D focuses on detailed tax computation, including calculations for tax liability, surcharges, and potential refunds.
Filing the ITR-4 is a straightforward process that can be completed online through the Income Tax Department’s e-Filing portal. Taxpayers need to download the ITR utility, fill in their personal and financial information, provide details of income and deductions, and verify their tax liability. Notably, this is an annexure-less return form , meaning no additional documents need to be uploaded during submission]. After completing all sections, taxpayers must review their return, validate the information, and submit it electronically with the necessary declarations.
Visit the official Income Tax e-filing website at www.incometax.gov.in. If you already have an account, log in using your User ID (PAN) and password. If you're a new user, you'll need to register first using your PAN.
Once logged in, navigate to the "e-File" menu and select "Income Tax Returns." Choose the relevant assessment year for which you are filing (e.g., FY 2023-24 for AY 2024-25) and select ITR-4 from the dropdown menu.
Complete the ITR-4 form by entering all required details, including Personal Information: Fill in your name, PAN, address, date of birth, and contact details. Gross Total Income: Report income from various sources such as salary, business income (under presumptive taxation), and income from house, property. Deductions: Enter eligible deductions under Chapter VI-A (like Section 80C).
After filling out the form, click on the "Validate" button to check for any errors or missing information. Once validated, proceed to submit your return. You can file it online with or without a digital signature. If filing without a digital signature, you will need to verify your return later.
After submission, you must verify your return within 30 days to ensure it is considered valid. You can verify using various methods such as Aadhaar OTP, Electronic Verification Code (EVC), or by sending a signed physical copy of ITR-V to CPC, Bengaluru. Choose the method that is most convenient for you.
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