ITR-4S Form is for those taxpayers who have opted for the ‘Presumptive Income Scheme’. Read this indepth guide about components of ITR-4S at H&R Block India.
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.
This return form is to be used by an individual/ HUF whose total income includes:
Points to remember:
Form ITR-4S has the following components:
Part A: General Information
Part B: Gross total income from the five heads of income
Part C: Deduction and total taxable income
Part D: Tax computation and tax status
Verification: 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:
Schedule AL: Asset & liability at the end of the year
Schedule IT: Statement of payment of advance-tax and tax on self-assessment
Schedule-TCS: Statement of tax collected at source
Schedule TDS1: Statement of tax deducted at source on salary
Schedule TDS2: Statement of tax deducted at source on income other than salary
Supplementary schedule TDS1
Supplementary schedule TDS2
Supplementary schedule IT
Supplementary schedule TCS