Who can use ITR – 4S ( Sugam ) for online return filing ?

All the Individuals are accountable to Income Tax Department as they are required to file their Income tax returns. The proper way to select various return forms lies upon the income earned by an assessee. Here, is the detailed structure describing about the applicability, benefits of      ITR – 4S Form (commonly known as SUGAM). Who can use ITR-4S? ITR – 4S Form is applicable on Individuals, HUFs & small business taxpayers deriving income from

  • Business income where Presumptive scheme under section 44AD & 44AE of the Act is used for computation of business Income
  • Salary/Pension
  • One House Property
  • Other Sources

Moreover, in case any income of spouse, minor child, etc. gets clubbed with the income of the assessee, then ITR – 4S can be used only if the clubbed income falls into the above income source. Also, the above income will be deemed to be computed after considering every losses, allowances, depreciation, etc. Who cannot use ITR-4S? ITR-4S is not applicable if income is derived from

  • More than one House Property
  • Winning from lotteries/horse races
  • Capital gains not exempt from tax
  • Agricultural Business in excess of Rs. 5000
  • Speculative Business
  • Losses to be carried forward

ITR – 4S ( SUGAM ) is not applicable if an assessee, maintains his books of accounts as per sec 44AA and is required to get his books of accounts audited under sec 44AB. What are the benefits of ITR-4S? ITR – 4S Form:

  • Is user friendly form.
  • Creates simplicity & Accuracy.
  • Helps in optimizing our cost.
  • Is faster in processing & generate transparency.

Points to be noted:

  • No documents are required to be affixed with any ITR Forms.
  • ITR Forms can be filed either manually or electronically, with or without digital signature, with the Income Tax Department.

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