ITR 4 Sugam: Eligibility, Documents And Other Details, Check Here

Filing income tax returns (ITR) is an essential responsibility for taxpayers in India. It allows individuals to report their income, claim deductions, and ensure compliance with tax law. Individuals who have been subjected to search and seizure operations by tax officials can now file updated returns under section 153 C on the basis of self-assessment of their unreported wealth in ITR-1, according to the new rules.

In February, the CBDT also announced modifications to the ITR-1 form regarding disclosure under Section 139 (1), which is filed voluntarily by individuals with yearly taxable income of less than Rs 2.5 lakh. Even if their fixed deposits surpass Rs 1 crore, these individuals will not be compelled to disclose this information on their ITR forms.

ITR Forms-

ITR-1 can be filed by an individual with income of up to Rs 50 lakh from salary, one house property, and other sources (interest, etc.). Individuals, Hindu Undivided Families (HUFs), and organisations with a total income of up to Rs 50 lakh from business and profession can file ITR-4.
ITR-2 is filed by persons who earn more above Rs 50 lakh from residential property, whereas ITR-3 is filed by professionals. LLPs and enterprises file ITR-5 and ITR-6 returns.

Eligibility to file ITR-4

ITR-4 can be submitted by a Resident Individual / HUF / Firm (other than an LLP) who has:

• Income of less than 50 lakh for the fiscal year
• Income from business and profession computed on a presumptive basis under sections 44AD, 44ADA, or 44AE
• Salary/pension income, one house property, agricultural income (up to 5000/-)

Other sources of income (excluding lottery winnings and race horse earnings):

• Savings Account Interest
• Deposit Interest (Bank / Post Office / Cooperative Society)
• Refund of Income Tax Interest
• Pension for Families
• Interest on enhanced compensation o Any other Interest Income (for example, interest on an unsecured loan)

Documents needed to file ITR-4

• Form 16
• Form 26AS & AIS
• Form 16A
• Bank Statements
• Housing Loan Interest Certificates
• Donation Receipts
• Rental Agreement
• Rent Receipts
• Investment premium payment receipts - LIC, ULIP, etc.