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ITR - 4 [SUGAM] FILings A.YR. 2020-21

ITR - 4: Price List

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All about ITR-4 under Income Tax

Income tax return filing can be a complex process, especially for individuals and Hindu Undivided Families (HUFs) who fall under specific business categories. Different entities fill out various forms, one of which is ITR-4.

 Here, we’ll explore everything about the ITR-4 form, eligibility criteria, key sections, and the process of filing.

Interim Budget 2023 update

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What is the ITR-4?

ITR-4 Sugam is an income tax return form that is used by taxpayers who opt for a presumptive income scheme under sections 44AD, 44ADA and 44AE.

 

However, if the turnover exceeds Rs.2 crore [Rs.3 crore from A.Yr.2024-25 with some additional conditions], the individual is required to file ITR-3.

Eligibility to file ITR-4?

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.

Who is not eligible to file the ITR-4 form?

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

  • Deduction claim under Section 57

  • Loss carried forward under any income head

  • Deduction claim of tax deducted at source (TDS) in the hands of another person

Loss under income from other sources

ITR-4 Structure

The ITR-4 form is structured into various parts, as explained below.

 

  • Part A - General Information: This section gathers essential personal details such as name, date of birth (DOB), address, and contact information.

 

  • Part B - Income Details:

  • Salary income

  • Income from house property

  • Income from other sources

 

  • Part C - Deductions and Total Taxable Income

 

  • Part D - Tax Status and Computation

 

  • Schedule BP - Income from Business or Profession

 

  • Schedule IT - Tax Payments

 

  • Schedule TCS - Tax Collected at Source

 

  • Schedule TDS-1 and TDS-2 - Tax Deducted at Source (TDS)

Major changes in the ITR-4 form for AY 2024-25

The ITR-4 form for the assessment year 2024-25 has undergone significant changes, as explained below.

 

  • The new tax regime has become the default tax regime for individuals, Hindu Undivided Families (HUFs), AOPs, BOIs, and AJPs as per the amendments introduced by the Finance Act 2023. Those preferring the old regime must submit Form 10-IEA to opt out of the new tax regime.

 

  • The updated ITR-4 form now includes a dedicated column for disclosing the amount eligible for deduction under Section 80CCH.

 

  • The turnover threshold limit for opting for presumptive taxation has increased. Now, businesses with a turnover of up to ₹3 crores (up from ₹2 crores) and professionals with gross receipts of up to ₹75 lakhs (up from ₹50 lakhs) can benefit from this scheme, provided that their cash transactions don't exceed 5% of their total turnover or receipts from the previous year.

 

To accommodate these changes, the ITR-4 form has been updated with a new section called "receipts in cash" under Schedule BP.

How can KarrTax help with ITR-4 return filing?

Here’s how KarrTax can help you!

To start the filing process, click here, and the below screen will appear, where you have to choose the income source accordingly.

Choose your Income head

Then, click on Next to let us know your total income.

Tax rates

Finally, the last step is to provide us with your email ID and mobile number so we can connect you with one of your tax experts. (It’s that simple!)

Last step

With our expertise help, filing your ITR-4 return becomes easier, ensuring that you meet all tax requirements correctly and timely.

 

Is your Aadhar and PAN card linked? Check here.

 

If not, link it right away. Without this, you won’t be able to file ITR, resulting in potential penalties. If you need KarrTax help, click here.

Frequently Asked Questions (FAQs)

1.What is Presumptive Income?

Presumptive income is a simplified method of calculating taxable income for certain taxpayers, primarily small businesses and professionals.

2.Along with presumptive income, I also have capital gains income, So can I file ITR-4?

No, in such a scenario, you can not file ITR-4 because capital gain income can’t be shown in the form.

 

3.What documents are required for ITR-4 return filing?

Here's a list of documents typically required for ITR-4 filing:

 

  • Form 26AS & AIS

  • Bank statements

  • Form 16 and 16A

  • Housing loan interest certificates

  • Details of business expenses such as rent, salaries, utilities, etc.

  • Rental agreement

  • Investment receipts, such as LIC, ULIP, etc.

 

4.I am providing professional services. Can I avail presumptive scheme?

Absolutely, yes! If you are income is not more than ₹50 lakhs, then you can file ITR-4.

 

5.How ITR-1 and ITR-4 are different?

The ITR-1 form is filed by salaried individuals with simple income structures, while the ITR-4 is filed by individuals, HUFs, and firms (other than Limited Liability Partnerships).

 

6.I am a salaried individual and also earn money from trading; which ITR form should I file?

To know which ITR to file according to your income source, click here.

7.Can I opt for the presumptive taxation scheme under Section 44AD if my business's gross receipts exceed ₹2 Crore in the financial year?

No, you cannot opt for the presumptive taxation scheme under Section 44AD if the total turnover or gross receipts from your business exceed the prescribed limit of ₹2 Crore.However from A.Yr. 2024-25, business with turnover up to 3 Crores can opt for 44AD subject to the condition that cash transactions does not exceed 5% of total turnover/receipts. 

इस के साथ, हम प्रकल्पित कराधान योजना की कुछ विशेषताओं / हाइलाइट्स को सूचीबद्ध करते हैं

  • खातों की पुस्तकों को बनाए रखने की कोई आवश्यकता नहीं है

  • शुद्ध आय अनुमानित 8% प्राप्तियों की है अगर वही नकदी में है। हालाँकि, डिजिटल मोड में प्राप्तियों के लिए, शुद्ध आय को ऐसी सकल प्राप्तियों का 6% माना जाता है।

  • किसी अन्य व्यवसाय के खर्च की अनुमति नहीं है

  • पूरे अग्रिम कर का भुगतान 15 मार्च तक करना होगा। यानी एडवांस टैक्स की त्रैमासिक किश्तों का भुगतान करने की आवश्यकता नहीं है।

व्यवसायों के लिए प्रकल्पित कराधान योजना

रु .2 करोड़ तक के टर्नओवर वाले व्यवसाय प्रकल्पित कराधान योजना का लाभ उठा सकते हैं। योजना के तहत कर के लिए निर्धारित आय प्रभार की दरें 8% (यदि प्राप्तियां नकदी में हैं और 6% यदि डिजिटल मोड में हैं) निर्धारित की गई हैं। यानी अगर किसी व्यक्ति के पास 1 करोड़ रुपये का नकद कारोबार है। एक विशेष वित्तीय वर्ष के दौरान, आय के रूप में 8 लाख रुपये पर आयकर देय होता है। हालांकि, अगर वास्तविक आय 8% या 6% से अधिक है, तो मामला उच्च आय (यानी वास्तविक) घोषित किया जाना है। यदि कोई व्यक्ति इस योजना का विरोध करता है, तो खातों की पुस्तकों को बनाए रखने की कोई आवश्यकता नहीं है।

व्यावसायिकों के लिए प्रकल्पित कराधान योजना

प्रकल्पित कराधान योजना भी पेशेवरों के लिए बढ़ा दी गई है। हालांकि, इस योजना के तहत पेशेवरों को एक वित्तीय वर्ष में 50 लाख रुपये से अधिक नहीं पेशेवर सेवाओं से सकल प्राप्तियां होनी चाहिए। प्रकल्पित कराधान योजना के तहत नामांकित पेशेवरों के लिए, वित्तीय वर्ष के दौरान पेशेवर की कुल प्राप्तियों का 50% लाभ के रूप में माना जाएगा और आयकर प्रमुख, "व्यवसाय या पेशे के लाभ और लाभ" के तहत कर प्राप्त किया जाएगा। उदाहरण के लिए, यदि किसी पेशेवर के पास पेशे से कुल प्राप्तियां 40 लाख रुपये हैं, तो कर योग्य आय न्यूनतम कर योजना के तहत 20 लाख रुपये होगी।

व्यवसाय के लिए प्रकल्पित कराधान योजना के समान, पेशेवर भी कुल प्राप्तियों के अनिवार्य 50% से अधिक आय की घोषणा कर सकते हैं। हालाँकि इस योजना के तहत साझेदारों को दिए गए वेतन और ब्याज में कोई कटौती की अनुमति नहीं है। इसके अलावा घोषित आय से किसी अन्य कटौती की अनुमति नहीं है।

ट्रांसपोर्टर्स के लिए प्रकल्पित कराधान योजना

ट्रांसपोर्टर्स के लिए प्रकल्पित कराधान योजना का लाभ माल ढुलाई के रखरखाव, काम पर रखने या पट्टे पर लेने वाले व्यक्तियों द्वारा लिया जा सकता है और जिनके पास 10 से कम माल गाड़ी है।

इस योजना में, भारी माल गाड़ी / वाहन के लिए, लाभ सकल वाहन के वजन के 1000 रुपये प्रति टन या हर महीने या महीने के उस हिस्से के लिए अनियंत्रित वजन के बराबर होगा जिसके दौरान भारी माल वाहन पिछले के लिए निर्धारिती के स्वामित्व में है। वर्ष या उस राशि का दावा किया गया है जो वास्तव में ऐसे वाहन से अर्जित की गई है जो भी अधिक हो।

जबकि हल्के माल वाहन के मामले में, लाभ रु के बराबर होगा। 7500 प्रति माह या महीने का वह हिस्सा, जिसके लिए वाहन निर्धारिती या स्वामित्व की राशि का दावा किया गया है, जो वास्तव में ऐसे वाहन से अर्जित किया गया है जो भी अधिक हो।

आयकर के तहत प्रकल्पित कराधान योजनाओं के बारे में अधिक जानना चाहते हैं  ?

पात्र व्यवसाय के लिए प्रकल्पित योजना

पेशेवरों के लिए प्रकल्पित योजना

माल ढुलाई को चलाने, पट्टे पर देने या किराए पर लेने के लिए प्रकल्पित योजना 

  • Which ITR is best for me?
    You can know which ITR is best for you by taking a short quiz here ➡ Else, you can read our article on this topic here
  • Is Karr Tax safe?
    Yes! Definetely! We are! 1. Your Data is yours! So, it is never given to anyone else than our safe team 2. The payment method is fully secured and managed by India's No. 1 payment gateway: Razorpay! 3. Our website is 100% SSL secured. No Hackers, No worries!
  • Who will file my IT return?
    Your ITR is filed by Tax Experts who have more then 20 years of experience!
  • What is Form 16?
    Every Salaried Employee whose total income after all eligible deductions under income tax act exceeds the maximum amount not chargeable to tax is required to get their tax deducted from their employers as per their eligible tax slabs. Thus the employer has to deduct tax at source from income of every employee whose total income is chargeable to tax and has to deposit the TDS so deducted into the Govt. Account. Every Employer has to file TDS return of salary at the end of the Financial year and has to provide the Form 16 to every employee whose TDS has been deducted at Source. For more details check out this ➡
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