Get the free ITR-4S SUGAM PRESUMPTIVE

201213 ITR4S, PAGE 1ITR4S SUGAR PRESUMPTIVEBUSINESS INCOME TAX RETURN A 201213 A2 MIDDLE NAMEA1 FIRST NAMEA4 PERMANENT ACCOUNT NUMBERA3 LAST NAMEA7 INCOME TAX WARD/CIRCLEA6 DATE OF BIRTHA5 SEX; Male

How to fill out itr-4s sugam presumptive

How to fill out itr-4s sugam presumptive:

1. Gather the necessary documents: Before starting the process of filling out itr-4s sugam presumptive, make sure you have all the required documents, including your PAN card, bank statements, profit and loss statements, and any other income-related documents.
2. Determine if you are eligible for itr-4s sugam presumptive: The itr-4s form is specifically designed for small taxpayers who have opted for the presumptive taxation scheme. Ensure that you fall under the specified criteria for using this form, such as having a business with a turnover of up to ₹2 crores.
3. Begin filling out the form: Start by entering your personal details, such as your name, address, PAN number, and contact information, in the appropriate sections of the form. Double-check the accuracy of the information provided.
4. Fill in the income details: In this section, you need to provide details of your income under different heads. Since itr-4s is meant for presumptive taxation, you need to fill in the estimated business income by applying the prescribed percentage to your total turnover. Fill in the corresponding details for other sources of income, if applicable.
5. Claim deductions and exemptions: If you are eligible for any deductions or exemptions, fill in the relevant details in this section. This could include deductions under section 80C, 80D, or any other applicable provisions of the Income Tax Act.
6. Calculate and pay the tax: Based on the presumptive income, calculate your tax liability using the tax rates applicable for the financial year. Ensure that you have paid the due tax amount or make any necessary payments to fulfill your tax obligations.
7. Review and submit the form: Before submitting the itr-4s form, carefully review all the information provided. Make sure there are no errors or omissions. If everything appears accurate, sign the form and submit it along with any required attachments to the Income Tax Department.

Who needs itr-4s sugam presumptive:

1. Small business owners: itr-4s sugam presumptive is primarily designed for small business owners who have opted for the presumptive taxation scheme. It is applicable to businesses with a turnover of up to ₹2 crores.
2. Professionals opting for presumptive taxation: Apart from businesses, professionals such as freelancers, doctors, architects, and engineers, who have opted for the presumptive taxation scheme, can also use itr-4s sugam presumptive to file their tax returns.
3. Individuals with income from other sources: In addition to business income, itr-4s sugam presumptive allows individuals to report income from other sources, such as rental income or interest income. This makes it suitable for those who have income from multiple sources.

Note: It is important to consult with a tax professional or refer to the official guidelines provided by the Income Tax Department while filling out itr-4s sugam presumptive, as the process may vary based on individual circumstances and changes in tax laws.

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