ITR-4 Return

The form of income tax return itr-4 is a form which is used by the peoples who are doing any business or involved in providing any professional services.

This form itr-4 which is also known as sugam form as a income tax retun filing form in a very simplified way an assessee i.e. Individual ,huf,business taxpayer,professional taxpayer at their own option declare their profits and gains from their business or profession on a basis of presumption(presumptive basis under section 44ad,section 44ada,section 44ae of income tax act)

There are two special cases where this form is used by entities or individual:-

• When any person doing business and his business income or turnover is less than rupees two crores,or
• When any person is involved in any profession and his/her total income is more than rupees fifty lakhs

The persons who are opted for this scheme does not need to maintain their account records.

The due date of filing form itr-4 are as follows:-

• In case of individuals- 31^st july
• In case of business-30^th