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