ITR-4

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  • ITR-4 is an income tax return form used by individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession. It’s also known as “Sugam” and is filed by taxpayers opting for presumptive taxation under sections 44AD, 44ADA, or 44AE of the Income Tax Act. This form is more comprehensive compared to ITR-3, as it caters to small businesses and professionals with simpler accounting requirements.

The below entities must file ITR-4 to avoid penalties and legalities.

  • Individual, Hindu Undivided Family (HUF), or partnership firm.
  • The taxpayer must be a resident of India as per the Income Tax Act.
  • The ones who have opted for the presumptive taxation scheme.
  • The total income should not exceed ₹50 lakhs.

  • The below category of entities does not require filing an ITR-4 form.

    • Individuals who hold signing authority outside India.
    • The ones who own a company or who hold unlisted equity shares.
    • Individuals with income derived from any source outside of India
    • Individuals with financial assets located outside of India

    If an individual has earned income from the below sources:

    • Capital gains
    • Income from more than one house property
    • Income from owning or maintaining racehorses
    • Income taxable under special cases like Sections 115BBDA or 115BBE
    • Income from lottery winnings
    • Agricultural income of more than ₹5,000

    If an individual has claimed any loss, deduction, relief, or tax credit under the following categories:

    • Relief claimed under Sections 90, 90A, or 91 of the Income Tax Act

When filing ITR-4 (Sugam), you’ll need specific documents to ensure a smooth process. Here’s what you should have ready:

  1. PAN (Permanent Account Number): Your PAN card is essential for tax filing.
  2. Bank Account Details: Information about your bank account.
  3. TDS Certificates: Collect TDS certificates related to tax deducted at source.
  4. Counterfoils of Taxes Paid: Keep records of taxes paid.
  5. Details of Original Return (if filing a revised return).

Additionally, if applicable, consider the following documents:

  • Form 16: If you’re a salaried individual, Form 16 from your employer.
  • Form 26AS: Verify your tax credit statement.
  • Form 16A: For TDS on income other than salary.
  • Bank Statements: Keep track of your financial transactions.
  • Housing Loan Interest Certificates: If you have a housing loan.
  • Receipts for Donations Made: If you’ve made any charitable contributions