Download Income Tax Return-4S SUGAM for Presumptive Income Section 44AD: ITR for Business with No Books for AY 2014-15

By | July 2, 2014

Download ITR –Income Tax Return – 4S (SUGAM) latest Excel & Schema for E-filing of ITR or PDF format for physical submission of ITR with Income Tax Department.  The Income tax department of India has issued the updated schema for the ITR – 4S (Income tax returns 4 sugam) for the Assessment year 2014-15 i.e. for the financial year 2013-14 (for period of 1st April 2013 – 31st March 2014. The ITR – 4S (SUGAM) is used by the Individual Tax Assessee not maintaining books of accounts  for filling their Income Tax Returns in India. Mainly the ITR – 4S form is for individual filing return on presumptive Income .i.e. minimum 8% profit on Business Income.  Income Tax Return for person having income from business & profession with turnover less than Rs 1crs and maintaining no books of accounts for business or wants to file return under presumptive income basis under section 44AD & 44AE. Due date for Filing ITR 4S is 31st July 2014 but individual assessee can file ITR-4S without any penalty till 31st Maarch 2015.

Eligible Assessee for ITR – 4S Form  

The ITR – 4S Form is applicable for those individuals and Hindu undivided families who have earned their Income only through the following means:-

  • Income from salary / pension
  • Income from House property (Except where loss is carried forward from preceding years and also of one House only)
  • Income from other sources
  • Income from Business and profession (computed in accordance with the special provisions as referred to in section 44AD and 44AE of the Income Tax Act)
  • Presumptive Business Income

Non-eligible for the ITR-4S Form

Individuals and Hindu Undivided families who are having earned any Income through the following sources are not eligible for the ITR – 4S form:-

  • More than one house property
  • Lottery, horseracing, Legal Gambling
  • Non tax exempt capital gains both short term as well Long term
  • Agricultural Income exceeded Amount Rs. 5000
  • Speculative Income
  • A profession as per sub Section (1) of Section 44A
  • Agency or as Commission or Brokerage
  • Any assets located outside the Indian Territory
  • Capital Gains
  • Losses to be carried forward

Non Use of ITR-4S Form

Every Income tax return Form is applicable only to a certain sections of assessee and only those who are eligible to fill a particular form are to be allowed. So in that event that a wrong form has been filled out while filling Tax returns, the form will be rejected by the Income tax department of India.

The Form ITR – 4S is not used by any Individual or Hindu Undivided Family that fulfills any of the following criteria

  • Holds any assets outside the country
  • Has any financial interest in a foreign entity
  • Is a signing authority in any bank account that is located outside the Indian Territory

Non Mandatory clauses for ITR – 4S

The ITR – 4S form is not mandatory to be filled by the individual or Hindu Undivided Family in this case the Assessee fulfilled the following

  • All the Books of Accounts and other documentation related to Business is maintained by the Assessee as per section 44AA of the Income Tax Act.
  • An Audit of Accounts is carried out and the audit Report for the Business is obtained in accordance to section 44AB of the Income Tax act

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