Income Tax Return 4 – (ITR-4)

ITR-4 / Sugam Return Filing

For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs.5 thousand.

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    Who Can file this Form?

    • In the case of individuals, HUFs and Partnership Firms who are residents of India create an income from a business or profession; they must select ITR-4. Limited Liability Partnerships (LLPs) cannot choose this type of ITR form. Taxpayers who have also selected the presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act 1961, must also choose this form.

    Who Cannot Opt for this Form?

    • In case the gross income generated is higher Rs.50 lakh
    • In case any losses have been carried forward from previous years
    • In case the taxpayer has a signing authority at a place outside India
    • In case any investments were made in equity bonds unlisted at any time during the financial year
    • In case taxpayers have generated a foreign income or foreign assets
    • In case the income has been produced from more than one house property
    • In case the taxpayer is the Director of a company
    • In case the taxpayer is an NRI or an RNOR

    Documents & Information Required

    • BASIC INFORMATION –PAN, AADHAAR, Account No & IFSC Code, Income Tax Website Credential
    • Form 16
    • Bank Statement
    • For Property
      • Home Loan Certificate
      • Property Tax Paid
      • Property Address with Pin Code
      • If Rented – Rent Per Month, Name of Tenant, Tenant PAN
    • Details of Other Income –
      • Saving Interest
      • Dividend income from Equity
      • Dividend income from Mutual Funds
      • FDR Interest
      • PPF Interest
      • Any Other Income
    • INCOME FROM BUSINESS OR PROFESSION
      • Bank Statement
      • GST ID Password if you have GST
      • Details of Sales and Purchase
      • Details of Service Provided and Service Purchased
      • Any other expenses details
    • DEDUCTION
      • 80C – Investment – PPF, PF, LIC, ELSS, School Fees Receipts
      • 80D – Mediclaim – For Self & Family , For Parents (Mention if they are senior citizen)
      • NPS Contribution Self
      • House Rent Paid IF any
    • In case of Equity or Mutual Funds – Excel report with following informations
      • Date of Purchase
      • Date of Sale
      • Purchase Cost
      • Sale Proceed
      • In case of Property
      • Date of Purchase
      • Date of Sale
      • Purchase Cost with Stamp Duty & Registration Fees
      • Sale Proceed
      • Any Transfer Expenses
    • New Property Purchased details
      • Date of Purchase
      • Purchase Cost with Stamp Duty & Registration Fees