ITR-4 SUGAM Form Filing - Income Tax Return

The ITR-4 Form can be utilized by Persons, Hindu Undivided Families who are having a business with income of less than 2 Crores and Professionals with gross earnings above 50 Lakhs, if they have selected for the presumptive income scheme as per Section 44AD, Sec 44ADA and Section 44AE of the Income Tax Act.

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Basic

All inclusive of government fees

₹ 1799/-

  • For a taxpayer with taxable income of less than Rs.10 lakhs.

Economical

All inclusive of government fees

₹3699/-

  • For a taxpayer with taxable income of less than Rs.25 lakhs.

Money Saver

All inclusive of government fees

₹5499/-

  • For a taxpayer with taxable income of more than Rs.25 lakhs.

Filing Income Tax Return ITR-4 SUGAM Form

ITR-4 SUGAM form can be filed in following four ways:

  • Filing return in a paper form – It is only relevant for persons who are over 80 years old and/or individuals/HUFs whose income is not above Rs.5 lakhs and refund is not claimed.
  • File return online using digital signature certificate.
  • Electronically transferring the information in ITR-4 SUGAM form under electronic verification code.
  • Electronically transferring the information in ITR-4 SUGAM form and then mailing (By post) Return Form ITR-V to the Income Tax Office.

Assessee (Person or entity) who are filing ITR-4 SUGAM form using the fourth method must fill the acknowledgement in ITR-V. Once ITR-V is prepared, the assessee should take out two duplicate copies of Form ITR-V. One copy of ITR-V, which needs to be duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy can be kept as record.

Presumptive Taxation Scheme for SMEs

The Income tax department has laid some simple presumption schemes from the financial year 2016-17, The businesses like retail trading or whole sale or any other business which are having an income turnover or gross receipt up to Rs.2 crores are eligible for registering the presumptive taxation scheme. The calculation or estimate of income chargeable to tax beneath this scheme is set at 8% from the financial year 2016-17. As per calculation if a business has a total turnover of Rs.1.0 crore in the specified financial year, then Rs eight lakhs would be the tax. Further, however, the base amount chargeable to tax is determined under the presumptive taxation scheme, there is no higher limit. Hence, you can willingly announce a higher income than the compulsory 8% of gross receipts or total turnover, at the time of filing income tax returns. So, the business owner can decide about what to declare, if the net revenue in the business is more than the required 8%.

Presumptive Taxation Scheme for Professionals

The presumptive taxation scheme is also available for professionals. However, professionals who are eligible and can apply under the presumptive taxation scheme with total gross receipt which should not exceed above Rs.50 lakhs in a financial year. The presumptive taxation rate for the professionals who come in this scheme would be 50% of the total receipts of the professional during the financial year would be considered as profit and will be taxable under “Profits and gains of business or profession” income tax head. For instance, if a professional has total gross receipts of Rs.40 lakhs from the profession amounting, then the taxable income would be Rs.20 lakhs minimum amount under the presumptive taxation scheme.

The professionals can also state income more than the compulsory 50% of the total receipts as specified for the presumptive taxation scheme for SMEs. The professionals can claim deduction with respect to salary and interest paid to partners under presumptive taxation scheme. However, professionals claim deduction under Sections 30 to 38, including depreciation on assets is not eligible.

Presumptive Taxation Scheme for Transporters

This is the presumptive taxation scheme for transporters having heavy vehicles or involved in plying, hiring or leasing of goods carriages. If you are the owner of less than 10 goods carriages, you are eligible can for the presumptive taxation scheme for transporters. Taxpayers who come under the presumptive taxation scheme for transporters are assumed to have the income up to 7,500 for every month for each vehicle for all types of goods carriage vehicles, heavy or light. You can pay advance tax as per rules by 15th of march.

 

 

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