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

 

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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

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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.

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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.

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Part B consists of Gross Total Income which includes:

  • Income from salary/pension
  • Income from House Property
  • Income from other sources

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Part C covers Deductions and Total Taxable Income earned by the taxpayer:

  • Deduction u/s 80 C, 80D, 80G, 80TTA, 80TTB, etc covered under this part of ITR
  • Total Taxable Income earned on which tax is levied

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Part D consists of Computation of Taxable Income which include following details:

  • Tax payable on total Income
  • Rebate u/s 87A
  • Health and education cess @4%
  • Interest u/s 234A/B/C
  • Total tax paid
  • TDS deducted, etc.
  • Relief u/s 89
  • Fees u/s 234F
  • Detail of Bank Accounts held in India at any time during the Financial Year

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Schedules

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Verification

 

 

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