ITR-4 Return Filing
At Gubera Consultancy, we understand that filing your tax return can be a daunting task. That’s why we offer effortless ITR-4 return filing services to make the process easier for you. Our expert team is dedicated to ensuring accurate and timely filing of your income tax return-4 (ITR-4).
By choosing Gubera Consultancy, you can streamline your tax return filing process and ensure compliance with tax regulations. Our team of experts will handle all the complexities of tax filing, allowing you to focus on what you do best – running your business or pursuing your profession.
Contact us today to optimize your tax strategy and maximize your refunds. With our efficient and reliable services, you can trust that your tax filing will be handled with utmost care and professionalism. Let’s work together to simplify your tax filing and ensure a stress-free experience.
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Introduction to ITR-4 Form: Simplify Tax Filing with the Sugam Form.
The ITR-4 form, also known as the Sugam form, is specifically designed for taxpayers who have opted for the presumptive income scheme outlined in sections 44AD, 44ADA, and 44AE of the Income Tax Act. This form is mandatory for eligible taxpayers to complete and submit.
However, it is important to note that businesses with an annual turnover exceeding Rs. 2 crores should use the ITR-3 form instead. Depending on individual circumstances, the ITR-5 form may also be necessary.
Eligibility for ITR-4 Filing
The ITR-4 form is designed for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships or LLPs) who have opted for the presumptive income scheme under sections 44AD, 44ADA, and 44AE of the Income Tax Act.
This scheme allows taxpayers to pay taxes based on a predetermined percentage of their total turnover, simplifying the tax filing process.
Benefits of Using ITR-4 Form
Using the ITR-4 form offers several benefits for taxpayers who have chosen the presumptive income scheme. Some of these benefits include:
1. Simplified Reporting: The ITR-4 form simplifies the reporting process for taxpayers by allowing them to declare their income based on a predetermined percentage of their total turnover. This eliminates the need for detailed accounting and auditing requirements.
2. Reduced Compliance Burden: Taxpayers using the ITR-4 form are not required to maintain regular books of accounts or undergo a tax audit. This reduces the compliance burden and saves time and effort.
3. Lower Tax Liability: The presumptive income scheme provides a lower tax liability for eligible taxpayers. By paying taxes based on a percentage of their turnover, taxpayers can enjoy a simplified tax calculation process and potentially save on their tax payments.
Expert Assistance for ITR-4 Income Tax Filing
Filing the ITR-4 form accurately and efficiently is crucial to ensure compliance with tax regulations. IndiaFilings understands the complexities involved in tax filing and offers expert assistance for ITR-4 income tax filing. Our team of professionals is well-versed in the intricacies of the ITR-4 form and can provide guidance and support throughout the filing process.
By availing our services, you can benefit from:
1. Expert Guidance: Our team of tax professionals will guide you through the entire process of filing the ITR-4 form, ensuring accuracy and compliance with tax regulations.
2. Timely Filing: We understand the importance of timely tax filing. Our experts will work diligently to ensure that your ITR-4 form is filed within the stipulated deadlines, avoiding any penalties or legal issues.
3. Error-Free Filing: Filing taxes can be complex, and even a minor error can lead to complications. Our experts will meticulously review your ITR-4 form to identify and rectify any errors, ensuring a smooth and error-free filing process. Contact our experts at IndiaFilings today to ensure a smooth and accurate filing process for your ITR-4 form. We are committed to providing reliable and efficient services to help you meet your tax obligations hassle-free.
Understanding the Presumptive Taxation Scheme: Simplifying Tax Compliance for Individuals and Businesses
The Presumptive Taxation Scheme is a simplified method of taxation that aims to reduce the compliance burden for certain individuals and businesses. Under this scheme, individuals and businesses engaged in specific activities are allowed to estimate their income at prescribed rates, thereby reducing the need for extensive financial record-keeping. Let’s take a closer look at the key aspects of this scheme.
Section 44AD: For Resident Individuals, HUFs, and Partnership Firms:
Section 44AD of the Income Tax Act enables resident individuals, resident Hindu Undivided Families (HUFs), and resident partnership firms (excluding limited liability partnerships) engaged in certain businesses to calculate their income on an estimated basis, provided they meet specific conditions. This provision is particularly beneficial for small taxpayers as it simplifies the process of income calculation and eliminates the need for maintaining detailed accounting records.
Section 44ADA: For Professionals:
Resident individuals in India who are professionals in fields specified under Section 44AA(1) can use Section 44ADA to estimate their professional income, subject to certain conditions. This provision is designed to ease the compliance burden for professionals such as doctors, lawyers, architects, and accountants, allowing them to focus more on their work rather than intricate financial record-keeping.
Section 44AE: For Goods Carriage Businesses:
Section 44AE applies to individuals, HUFs, firms (excluding limited liability partnerships), and other residents or non-residents engaged in the business of plying, leasing, or hiring goods carriages. Under this scheme, they can estimate their income based on the number of goods carriages they own, provided it does not exceed ten during the previous year. This provision simplifies the taxation process for businesses involved in the transportation of goods.
Eligibility Criteria for Filing the Sugam (ITR-4) Form
In order to qualify for filing the Sugam (ITR-4) form, taxpayers must meet specific eligibility criteria:
- Total Income: The total income should not exceed Rs. 50 lakh. The income can be derived from various sources such as salary or pension, one house property, interest income, income from a business (computed on a presumptive basis), or income from a profession (computed on a presumptive basis under Section 44ADA).
- Presumptive Basis: It’s important to note that when income is computed on a presumptive basis under Sections 44AD, 44AE, or 44ADA, it is assumed to have been calculated after accounting for all allowances, depreciation, losses, or deductions as per the Income Tax Act.
- Losses: Individuals incurring losses after applying the proviso to sub-section 3 of Section 44AE are required to file ITR-5.
- Combining Income: If taxpayers need to combine the income of another person, such as a spouse or minor child, with their own income, the Sugam form can only be used if the additional income falls within the specified income categories mentioned above.
The Presumptive Taxation Scheme offers a simplified approach to taxation for eligible individuals and businesses, reducing the compliance burden and allowing them to focus more on their core activities. By estimating income at prescribed rates, taxpayers can save time and effort that would otherwise be spent on maintaining detailed accounting records.
Understanding the Non-Applicability of ITR-4 Sugam Form
The ITR-4 Sugam form has been specifically designed to simplify tax filing for certain individuals and businesses. However, it is important to understand when this form is not applicable and the structure of the form for accurate reporting. Here, we provide a breakdown of the non-applicability of the ITR-4 Sugam form.
Categories of Taxpayers Ineligible for ITR-4 Sugam Form
There are certain categories of taxpayers who are not eligible to use the ITR-4 Sugam form. These include:
- Directors of a company
- Individuals who have held unlisted equity shares at any point during the previous year
- Taxpayers with assets or financial interests outside India
- Individuals with signing authority in accounts located outside India
- Persons with income from sources outside India
Income Types Ineligible for ITR-4 Sugam Form.
In addition to the above categories, there are certain types of income that make individuals ineligible for the ITR-4 Sugam form. These include:
- Profits and gains from business and professions not computed under Sections 44AD, 44ADA, or 44AE
- Income from more than one house property
- Capital gains
- Income from winning a lottery or owning and maintaining racehorses
- Income taxed at special rates under Sections 115BBDA or 115BBE
- Income apportioned under Section 5A
- Agricultural income exceeding Rs. 5,000
Additional Ineligibility Factors for ITR-4 Sugam Form
Furthermore, the ITR-4 Sugam form is unsuitable for individuals with claims related to certain losses, deductions, relief, or tax credits. These include:
- Losses from house property
- Certain relief claims
- Specific deductions
- Tax credits
It is important for individuals falling under any of the above categories or having the mentioned types of income or claims to use the appropriate form for their tax filing requirements. Filing the correct form ensures accurate reporting and compliance with the tax regulations.