All about new Form ITR 4 (Sugam) – F.Y. 2019-20 (A.Y. 2020-21) |

Who can file their return using ITR-4 for F.Y. 2019-20?

This Form is filed by an Individual/ HUF/ Firms (other than LLP) being a resident, whose total income is up to 50 Lakhs for the A.Y. 2020-21 and includes:

Income from Salary/ Pension; or
Income from One House Property (excluding cases where loss is brought forward from previous years); or
Income from Other Sources
Business Income under section 44AD and 44AE
Professional Income under section 44ADA

Who cannot use ITR-4 for filing their Income Tax Return?

1.An Individual/HUF/Firm (other than LLP) who is either a Non-Resident or Not ordinary resident cannot use ITR – 4 for filing their Income Tax Return

2. An assessee having total income exceeding Rs 50 lakh

3. An individual who is either a director in a company or has invested in Unlisted Equity Shares

4. A firm who is a LLP (i.e. Limited Liability Partnership Firm) cannot file its return using this form

5. A taxpayer who has a brought forward/carry forward loss under any head of income cannot use ITR-4 to file his income tax return.

6. An individual/HUF/ Firm (Other than LLP) who has earned total income that includes the following:

Taxable capital gains
Individual/HUF/Firm who is liable for audit u/s 44AB of the Income Tax Act,1961
Owning assets (including financial interest in any entity) outside India if you are a resident, including signing authority in any account located outside India
Having foreign assets or foreign income.

Structure of ITR-4 for A.Y. 2020-21

Form ITR -4 (Sugam) is divided into 5 Parts:

Part A covers General Information which includes:

PAN
Name
Date of Birth
Aadhar Number
Address
Mobile Number
Email ID
Status (Individual/HUF/Firm other than LLP)
Nature of employment
If revised return filed, then receipt no and Date of original return is also required.
Information like Return filed under which section 139(1)- Original Return, 139(4)- Belated Return, 139(9)- Defective Return etc.