ITR 4 SUGAM Form Filing – Income Tax Return
ITR-4 form can be used for filing IT return under the Presumptive Taxation Scheme if business turnover is less than Rs.2 crores if professional income is less than Rs.50 lakhs. We offer ITR-4 SUGAM form filing from Rs.7899/- all inclusive fee.
ITR 4 SUGAM Form Filing - Income Tax Return
Procedure To Obtain Income Tax Return Online
This Return Form can be filed with the Income-tax Department in any of the following ways– (A) electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified in any one of the following manner –
(i) digitally signing the verification part, or
(ii) authenticating by way of electronic verification code (EVC), or
(iii) by sending duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address – Post Bag No. 1, Electronic City Office, Bengaluru— 560500, Karnataka.
The Form ITR-V should reach within 120 days from the date of e-filing the return.
(B) in paper form, at the designated offices of Income-tax Department, along with duly signed Form ITR-V. This mode of furnishing return is permissible only in case of super senior citizens (i.e. an individual of the age of 80 years or more at any time during the previous year).
Services Offered by UVS & Partners
Chartered accountants don’t have any limitation to the service which they can offer. They always have something to offer in everything.
Timely and accurately providing financial services to the clients is a duty that UVS is committed to. Nearly every company needs bookkeeping and payroll services. Accurate bookkeeping (Balance Sheet, Profit & Loss, Bank Reconciliation) and payroll services are important to the successful operation of a company.
The services include: handling billing records, taxes, bank reconciliations, general ledger, and payroll records based on a period of time, (quarterly, monthly or yearly).
We provide the client with taxation consultancy that include:
Direct tax – Taxes such as Income Tax and TDS, that are paid directly by organizations or individuals to the imposing entity.
Indirect tax – Under GST Act, every registered person must periodically furnish the details of sales and purchases along with tax collected.
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ROC Returns: All companies must file forms, returns, and documents with the Registrar of Companies online, within the prescribed time along with the fees.
Audit: UVS performs audit (Statutory, Tax and Internal Audit), on the financial report of an organization.
Income Tax Return Filing Services
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Packages for ITR-4 Form Filing
Filing Income Tax returns is one of the most essential duties of a citizen. The Income Tax Return must be filed during a pre-determined date and tax as computed must be paid by the individual.
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FAQ: Income Tax Return Filing Services
Who should file Income Tax Return for AY 20-21?
ITR 4 : For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
Which documents are required to file the return of income tax for salaried person or a person who is having the rental income?
Basic Documents required for ITR Filing for Salaried person having rental income
1) Bank Statement
2) Form 16 (Salary sheet)
3) Pan & Aadhar Card
4) Interest certificate if taken home loan
5) Investment details, like invented in,
- Mutual Fund
- Sukanya Smriddhi Yojana
- School Fees Of Childern
- Tax Saver Fixed Deposit etc.
Is income tax return is a mandatory requirement for everyone
No, It is not mandatory for everyone.
Filing of ITR is mandatory, who is less than 60 years of age and has an annual income more than Rs 2.50 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh.
Is filing of ITR mandatory for a company, LLP, OPC, partnership, proprietorship ?
Filing of ITR is mandatory for Company, LLP, OPC and Partnership firm irrespective of its annual income, however it is mandatory even in case of loss. But in case of Proprietorship it is not mandatory when annual income is below Rs. 2.50 lakhs.
What is advance tax who is liable to pay the advance tax ?
Advance tax means income tax which should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department.
every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance tax”. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance
What are the due dates of filing Income Tax Returns ?
-For Individuals, the last date of filing Income Tax Return is 31st July of next financial year
-For Companies & Persons who require tax audit under section 44AB, the last date of filing Income Tax Return is 30th September of next financial year
What are the benefits of Tax Return Filling?
1. Helps in Applying for Loans
2. Helps in Claims Refunds
3. To Carry Forward Capital Losses
4. ITR Receipt is an important/essential document
5. Useful As address proof
6. Important for Visa Processes
7. Useful for self-employed
8. ITR receipt is essential to obtain Government Tender
What if I am not able to file my income tax return on time?
If you mandatorily requires filing income tax return but failed to do so then you are liable to pay penalty amounting to INR 1000 or 5000 or 10000 as follows.
Rs. 5 Lakh
On or before 31st December of Assessment Year but after due date.
Exceeds Rs. 5 Lakh
After 31st of December
Upto Rs. 5 Lakh
After due date
I have filed my income tax return incorrect what should I do?
You can file revised return & correct the mistakes/errors. The revised return can be filed at any time before the completion of assessment . However ITR can be revised even after Intimation order under section 143(1) has been served.
What is Financial year, Previous year and Assessment Year?
Previous Year is the same as the Financial Year in which the income is earned. Tax is payable on the income earned during this Previous Year. And this tax is payable in Assessment Year, which is the year next to the Financial or Previous Year. For example, for the Income earned in Financial Year (Previous Year) April 1, 2019, to March 31, 2020, the liability to pay tax will fall in 2020-2021, known as the Assessment Year.
How to pay Income Tax to The Government?
You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. Payment is to be made in Challan-280 in both cases. The Challan must be filed accurately for further processing.
Can I claim the deduction missed out in form 16 issued by employer ?
Yes, If some exemptions or deductions got left out from Form-16, you can claim the same in ITR. Various deductions u/s 80 such as ELSS, PPF, Life and health insurance, NSC, Children tuition fees, 5-year fixed deposits, donation for charity, repayment of home loan, or even HRA can be claimed.
What is 26AS ? Why is it required?
26AS is a consolidated statement showing various taxes that are deducted from your income by your employer, bank, or your tenant etc.It shows how much tax has been received by the government by way of TDS deposited by the deductor (employer, bank etc.), advance tax or any self-assessment tax that has been paid, etc. It also contains the details of income tax refunds that you might have received. It also shows AIR (Annual Information Return) transaction details, which might have been filed by your bank in case you have entered into some specified transaction.You must match tax payments and TDS deducted with 26AS before filing your ITR to get a tax credit as the tax credit is given only on the items appearing in our 26AS.
Is exempt dividend income from shares/mutual funds to be reported in ITR-1 ?
Yes, In ITR Form – 1, under Part D – computation of tax payable, there is a column for exempt income. Here you are to report your exempt Dividend income. If the dividend is received from stocks of an Indian company, it should be reported under section 10(34). And if the dividend has been earned from mutual funds, it can be reported under the head “others” given under exempt income.
I have already paid my taxes. Do I still need to file my Return?
Yes, return filing is compulsory if your taxable income is above the slab, whether taxes have been paid or not. You can claim the benefit of tax credit or get a refund only if your return is filed.
Who will file and will not fill these forms?
Form ITR – 4 (SUGAM) cannot be used by an individual/HUF:
• Who is a Non-resident or Not Ordinarily Resident
• Who is a Director of a company
• Whose total income exceeds Rs. 50 lakhs
• Who has income from more than one House Property
• Who has held unlisted equity shares at any time during the previous year
• Who claims deduction under section 80QQB or section 80RRB in respect of royalty from patent or books
• Who claims deduction under section 10AA or Part-C of Chapter VI-A
• Who has brought forward loss or losses to be carried forward under any head
• Person claiming deduction under Section 57 from income taxable under the head ‘Other Sources’ (other than deduction allowed from family pension)
• Who wants to claim relief under section 90and section 91
• Who wants to claim credit of tax deducted at source in the hands of any other person.
• Who has any assets (including Financial Interest in an entity) located outside India.
• Who has signing authority in any account outside India
• Who has any income to be apportioned in accordance with provisions of Section 5A
• Who has any of the following income:
a) Income from Business or Profession
b) Income from Business or Profession, Capital Gains or Loss
c) Income from Business or Profession, Income taxable under the head ‘Other sources’ which is taxable at special rate
d) Income from Business or Profession, Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA
e) Income from Business or Profession, Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under section 115BBE
f) Income from Business or Profession, Agricultural Income exceeding Rs. 5,000
g) Income from Business or Profession, Income from any source outside India
h) Income from Business or Profession, Income from speculative business and other special incomes.
i) Income from Business or Profession, Income from agency business or commission or brokerage
In case the assesse keeps and maintains all books of accounts and other documents referred to in section 44AA, and also gets his accounts audited and obtains an audit report as per section 44AB, filling up the Form ITR-4 (Sugam) is not mandatory. In such a case, other regular return forms viz. ITR-3 or ITR-5, as applicable, should be used.
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