ITR 4 SUGAM Income Tax Form Explained

ITR 4 SUGAM Income Tax Return Form is for Individuals, HUFs and Firms (Other than Limited Liability Partnerships) being a resident having total income up to a maximum of INR 50 Lakhs and having Income from business and profession computed under section 44AD or 44ADA or 44AE of Income Tax Act. One thing to be noted is that this form can only be filed by a resident individual who is not holding directorship in any company or has invested in equity shares if any unlisted company.

Who should file ITR 4 SUGAM ?

This Income tax return form can be filed by any resident:

• Individual,
• Hindu Undivided Families or
• Firms

Having Income from the following heads:

• Salary/Pension
• House Property (Upto one house property)
• Business & Profession opted for computation under 44AD/44ADA/44AE
• Other Sources

Who cannot file ITR 4 SUGAM ?

The following assesses cannot file their Income tax return using ITR 4 SUGAM:

• An Individual who is a non-resident or a not ordinary resident,
• Individuals acting as directors of any company or holding equity shares of any unlisted companies,
• Any Assesse other than Individual/HUF/Firm,
• A Limited Liability Partnership,
• Assesses having total Income of more than INR 50 Lakhs

If you have any income from Business & Profession not computed under presumptive scheme, you should file ITR 3.

Form ITR 4 SUGAM Explained:

PART A: General Information:

Almost all the contents of the form under Part A-GEN is self-explanatory. Aadhar has been made mandatory and an individual assesse has to mandatorily quote Aadhar or Aadhar Enrollment ID to file the income tax return.

PART B: Gross Total Income

Your Taxable Total Income is computed under this part of the from.

PART C: Deductions

Here the breakdown of details of any deductions claimed under section 80G has to be explained as claimed above under chapter VI A

PART D: Tax Computation & Status

Your Taxable Total Income is computed under this part of the from.

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Schedule BP: Business & Profession

Provided and compute income from business and profession carried on by the assesse in this part of the form.

Schedule 80G: Deductions under section 80G

Breakup of details of deduction claimed for any donations under section 80G. Other details such as Name, Address, PAN, amount and mode eligible of done for deduction.

Schedule IT: Details of Advance Tax and Self-Assessment Tax Paid

Many first time assesses make a mistake of just computing their tax payable and file their tax return after computation and later end up getting a demand from the income tax department for the tax. Here lets us make clear that the tax computed as payable above has to be paid if not paid in advance and details of such amount paid have to inform in this part of the ITR 4 SUGAM form.

Schedule TCS:

Details of Tax Collected at Source As per Form 27D issued by the Collector, including details like TAN , Name, details of amount paid & tax collected have to be mentioned.

Schedule TDS1:

Details of Tax Deducted at Source from salary as per form 16 issued by employer, including details like TAN, Name of the Employee, Income under the head Salary & Tax deducted have to be mentioned.

Schedule TDS2:

Details of Tax Deducted at Source on income other than salary as per form 16A issued or form 16C furnished by deductor, including details like TAN, Income for which TDS was deducted, unclaimed TDS bought forward, TDS of the current year have to be mentioned.