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ITR-4 Form: Simplifying Tax Filing for Presumptive Income in India
Introduction
ITR-4, known as Sugam, is the income tax return form used by individuals, Hindu Undivided Families (HUFs), and Partnership firms (other than LLPs) that have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act in India. This form simplifies the process of filing taxes for small and medium-sized businesses by minimizing the bookkeeping requirements.
Understanding ITR-4
The ITR-4 form is applicable to taxpayers who have presumptive income from business or profession and do not maintain regular books of accounts. It includes:
Income from business or profession on a presumptive basis.
Salary/pension income.
Income from one house property (except in cases where loss is brought forward from previous years).
Income from other sources (except winning from lottery and income from racehorses).
Benefits of Filing ITR-4
Simplified process for small business owners and professionals.
Lesser compliance burden as there is no need to maintain detailed books of account.
Facilitates easier computation of tax liability under the presumptive taxation scheme.
Filing Process for ITR-4
Collect all relevant financial information, including bank statements and income details.
Access the e-filing portal provided by the Income Tax Department of India.
Choose the assessment year for which the return is to be filed.
Fill in the ITR-4 form with the required details of income, deductions, and tax payments.
Submit the form electronically on the portal.
Verify the return through Aadhaar OTP, EVC, or by sending a signed ITR-V to the CPC.
Key Points to Remember
Ensure the accurate reporting of all income and deductions to avoid discrepancies.
The due date for filing the ITR-4 form typically falls on the 31st of July each year unless extended by the government.
Taxpayers using the ITR-4 form cannot carry forward or set off any loss other than the loss from house property.
Conclusion
The ITR-4 form is tailored for taxpayers who wish to avail themselves of the benefits of presumptive taxation, making tax filing a more straightforward and less cumbersome process. By accurately filing ITR-4, small businesses and professionals can ensure compliance with the tax laws while taking advantage of a simpler tax computation method. It’s an effective way for eligible taxpayers to manage their tax obligations efficiently.,
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