Filing Income tax returns (Precautions)-Part III

Income tax Return form 4 (SUGAM)

This post is in continuation of our earlier post on precautions while filing ITR for Asst Year 2018-19 . Please refer to them if you wish to read them for filing Income tax Forms ITR 1 ,ITR2, or ITR 3

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Filing Income Tax Returns (Precautions) -I  Filing Income Tax Returns (Precautions) -I
Filing Income tax returns (Precautions)- Part II Filing Income tax returns (Precautions)- Part II

ITR 1 ,ITR 2 and ITR 3 have already been explained in our earlier posts referred to above.In this post  we will take from ITR4 more popularly called as Sugam

For a ready reference ITR 4 is reproduced below

As one can see that ITR 4 is for those who have presumptive business income and any other income but no income from capital gains 

A brief explantory guide is also given hereunder


How to get the maximum from this guide:

Please check which heads are applicable

Also note that following assessee can not file ITR 4

Assessee having 

 (a) Income from more than one house property; or

(b) Income from Winnings from lottery or income from Race horses; or

(c) Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or

(d) Income taxable under section 115BBDA; or

(e) Income of the nature referred to in section 115BBE; or

(f) Agricultural income in excess of ₹5,000; or

(g) Income from Speculative Business and other special incomes; or

(h) Income from an agency business or income in the nature of commission or brokerage; or

(i) Person claiming relief of foreign tax paid under section 90, 90A or 91; or

(j) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or

(k) Any resident having income from any source outside India.

Its important that you get your Balance Sheet and Other schedules ready before filling the return

Also get the receipts bifurcated into receipts from bank and receipts other than from bank as seperate rates are applicable on each one

Keep the details of deductions under chapter VI proofs handy.

The guide presented here is freely downloadable .Do whatever you wish to do with this but please note that with the advent of technology everything has changed.Gone are the days when one earns income and forget to declare in the return either intentionally or unintentionally and the income was seldom discovered by the department.

Now it happens that the department gets information from almost all over the world and to add to it the data mining softwares are analysing the information and also applying all permutations and combinations so be aware and follow the guidelines given in the guide above and sleep a peaceful night and contribute in our nation’s progress.

In next post we will take remaining returns except ITR 7 which requires a separate post so happy reading



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