Who Can Use Itr 4S (Sugam) For Online Income Tax Return Filing?

New Income tax form for Assessment year 2013 -2014 are released by Income Tax Department. It is important that correct income tax form should be selected for filing income tax return. Selecting correct income tax form will ensure that you return are processed timely and you get income tax refund on time.

Who can use ITR 4S (Sugam)  for filing income tax return for Previous Year 2012-2013 ( AY 2013-2014) ?

ITR 4S is used by an individual or a Hindu Undivided Family whose total income comprises following income:

  • Business income where Presumptive scheme under section 44AD & 44AE of the Act is used for computation of business Income
  • Salary/Pension
  • One House Property
  • Other Sources

Moreover, in case any income of spouse, minor child, etc. gets clubbed with the income of the assessee, then ITR-4S can be used only if the clubbed income falls into the above income source. Also, the above income will be deemed to be computed after considering every losses, allowances, depreciation, etc.

Who cannot use the ITR-4S

ITR-4S is not applicable if income is derived from

  • More than one House Property
  • Winning from lotteries/horse races
  • Capital gains not exempt from tax
  • Agricultural Business in excess of Rs. 5000
  • Speculative Business
  • Losses to be carried forward
  • Return in ITR-4S cannot be filed by a person, who is deriving income as referred to in sub section (1) of section 44AA or income from agency business or income in the nature of commission for brokerage
  • Any asset (including financial interest) located outside India;
  • Signing authority in any account located outside India;
  • Has claimed any relief of tax under section 90, 90A or 91;
  • Has income exceeding Rs. 5,000 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under sections 10, 10A, 10AA, etc.

Please note:

  1. No documents are required to be affixed with any ITR Forms.
  2. ITR Forms can be filed either manually or electronically, with or without digital signature, with the Income Tax Department.
  3. For Assessment year 2013-2014, every person (not being a co.) to e-file (Electronic Income tax Return) the income tax return if its total income exceeds Rs. 5,00,000. While filing the return care should be taken to ensure that you select correct Income tax forms.

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