The Sugam ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the ‘Presumptive Income Scheme’ as per section 44AD and section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs. 1crore, the tax payer will have to file ITR-4.
ITR 4S can be used by following individuals to file returns
This return form is to be used by an individual/ HUF whose total income includes:
Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
Income from salary/pension; or
Income from one house property (excluding cases where loss is brought forward from previous years); or
Income from other sources (excluding winning from lottery and income from horse races).
The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income Tax Act.
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this return form can be used only if the income being clubbed falls into the above income categories.
Click on the image below to find Form ITR-4S:
Understanding Form ITR-4S
Form ITR-4S has the following components:
Gross total income from the five heads of income
Deduction and total taxable income
Tax computation and tax status
Verification & signatures on the return as well as details of TRP
Schedule BP - Details of income from Business:
The following information is required in this schedule:
Computation of presumptive income under 44AD
Computation of presumptive income under 44AE
Financial particulars of the business
Asset & liability at the end of the year
Statement of payment of advance-tax and tax on self-assessment
Statement of tax collected at source
Statement of tax deducted at source on salary
Statement of tax deducted at source on income other than salary
Supplementary schedule TDS1
Supplementary schedule TDS2
Supplementary schedule IT
Supplementary schedule TCS