ITR- 4 Form or Sugam Form
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- |
- Last Updated on 11 January, 2021
- Income from speculative business
- Income from agency business or commission or brokerage
- Dividend income exceeding Rs. 10,00,000
- Income from lottery or horse race
What is presumptive income tax regime?
Section |
Source of Income |
Conditions |
Presumptive Income |
Section 44AD |
From Business |
Gross Turnover up to Rs. 2 crores per annum |
a) 8% of turnover b) 6% of turnover* |
Section 44ADA |
From Specified Professions |
Gross Receipts up to Rs. 50 lakhs per annum |
50% of value of receipts |
Section 44AE |
From Goods Transportation Business |
Assessee owns up to 10 vehicles at any time during the year |
10,000/7500 per vehicle per month |
New ITR Forms for AY 2018-19:
Central Board of Direct Taxes (CBDT) has notified new ITR forms for the Assessment Year 2018-19 for filing the return of income of Financial Year 2017-18. Certain schedules have been added/ modified in Form ITR-4 in comparison to last year. Major changes are:
Particulars |
Cases |
Amount of Late Fee |
Income up to 5 Lacs |
In all cases where the assessee is required to file return |
Rs. 1,000/- |
Income ≥ 5 Lacs |
If return filed on or before 31.12.2018 |
Rs. 5,000/- |
In any other case |
Rs. 10,000/- |
Provisions for furnishing return of income in Form ITR-4 for AY 2018-19:
- e-verification through Aadhar OTP
- e-verification through net banking if the bank account is linked with PAN
- physical verification by sending the signed ITR-V through post at CPC, Bengaluru
- e-verification through EVC generation
Author Bio: Radhika Daga is a CA Final student. Connect with her on Linkedin @www.linkedin.com/in/radhikadaga.
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