Income Tax Return (ITR) 4

Income Tax Return (ITR) 4, also known as ITR-Sugam, is a tax form designed for individuals and Hindu Undivided Families (HUFs) who opt for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act. This scheme allows eligible businesses to pay taxes based on a predetermined percentage of their estimated income, simplifying the tax filing process.

Applications for Filing ITR 4

ITR 4 can be filed online using the Income Tax Department’s e-Filing Portal or through our commercial tax filing platform.

Eligibility Criteria for Filing ITR 4

Individuals and HUFs can file ITR 4 if they meet the following criteria:

• Resident taxpayers of India
• Total income exceeds Rs. 50 lakh
• Income from business or profession and other sources (excluding winning from Lottery and Income from Race Horses)
• Have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE
• Turnover of the business does not exceed Rs. 2 crores / 3 crores from FY (2023-24)

Documents Needed to File ITR 4

To file ITR 4, individuals typically need the following documents:

• PAN card
• Profit and Loss Account (P&L) Statement
• Balance Sheet
• Bank account statements
• Proof of business expenses (e.g., invoices, receipts)
• Proof of investments (e.g., mutual funds, stocks, bonds)
• Proof of deductions (e.g., medical expenses, education expenses)