ITR 4, also known as Sugam, is for individuals, HUFs, or partnership firms opting for presumptive taxation. This form applies to residents for income tax purposes, with income from various sources, including business, profession, salary, pension, and property, up to Rs 50 lakh. Note that LLPs aren’t eligible unless for presumptive taxation.
₹5,999
₹4,237
(Excluding GST)
Any individual, HUF, or partnership firm wishing to be eligible to offer its income on a presumptive basis may use ITR 4, also known as Sugam. A taxpayer is assumed to have earned a minimum income under the presumptive taxation system, which is stated as a percentage of their business or profession’s total earnings or as a fixed sum based on the number of commercial cars they possess. Please be aware that an LLP is not entitled to use ITR 4 but can use ITR 4 if it is eligible for presumptive taxation. Only those who are residents for income tax purposes may utilise this Form.
Who Must Submit An ITR 4?
- Individuals, HUFs, and partnership firms that had the following total annual income in AY 2020–21 are required to file Form ITR 4:
- Section 44AD or 44AE business income
- Earnings from a profession as determined under section 44ADA
- Up to Rs 50 lakh in salary or pension income
- Income from a single residential property earning up to Rs. 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head)
- Up to Rs 50 lakh in income from other sources (excluding winning from lottery and income from horse races).
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