Income Tax Return -4 (ITR-4) SUGAM
The ITR-4 form is a document that individuals and Hindu Undivided Families (HUFs) who have income from business or profession need to file with the Income Tax Department in India. In this form, taxpayers are required to provide details about their business income, expenses, assets, liabilities, and other relevant financial information.
The ITR-4 form is commonly known as the Sugam form and is relatively simpler compared to other tax forms, making it suitable for small business owners and professionals. It is a one-page form that can be filed online or offline, depending on the preference of the taxpayer.
When filing the ITR-4 form, taxpayers need to provide information about their income from various sources such as business, profession, house property, capital gains, and other sources. They also need to disclose details of any deductions or exemptions they are eligible for, which can help reduce their tax liability.
In addition to income details, taxpayers also need to provide information about their assets and liabilities, such as investments, loans, and other financial instruments. This information helps the tax authorities assess the taxpayer's financial position and ensure compliance with tax laws.
Filing the ITR-4 form is a mandatory requirement for individuals and HUFs with business income exceeding the specified threshold. Failure to file the form or providing incorrect information can result in penalties and legal consequences.
↠The ITR-4 form consists of multiple sections that require the taxpayer to provide detailed information about their income, expenditures, and deductions.
Some of the key sections of the ITR-4 form include:
Personal Information: This section requires the taxpayer to provide basic details such as name, PAN, address, and contact information.
Income Details: In this section, the taxpayer is required to provide details of their income from business or profession, including gross receipts, expenses, and net profit. They also need to provide details of any other sources of income, such as rental income, capital gains, or income from other sources.
Deductions and Exemptions: Taxpayers can claim deductions under various sections of the Income Tax Act, such as Section 80C, 80D, and 80G. They need to provide details of these deductions in this section.
Tax Computation: This section requires the taxpayer to compute their total taxable income and the tax payable on it. They also need to provide details of any TDS or advance tax already paid.
Bank Account Details: Taxpayers need to provide details of their bank account, including the account number, IFSC code, and type of account.
Verification: The ITR-4 form needs to be verified by the taxpayer before submitting it to the Income Tax Department. The taxpayer can verify the form electronically using Aadhaar OTP, net banking, or by sending a physical copy to the CPC Bangalore.
↠Overall, the ITR-4 form is a comprehensive document that taxpayers with income from business or profession need to fill out accurately to comply with their tax obligations. It is important to ensure that all the information provided in the form is correct to avoid any penalties or scrutiny from the tax authorities.
