ITR 4 form is also called Sugam. This is for Individuals and HUFs, people running Partnership Firms (not LLPs) also fill it. If there is income under section 44AD and 44AE of income tax, then this form has to be filled.
Income tax return as earned. Means according to the kind of your earning Income Tax Return ITR have to be filled. Now you have to decide in which category you fall. There are 7 types of ITR forms which have different parameters. In this report, we will tell you about ITR 1 and ITR 4. After all, which category of people fill these forms and what are these forms. ITR-1 or SAHAJ Resident is meant for individuals or common people who earn from salary, from house property or come under the category of income from other sources. Know about these forms in detail.
ITR1 or Sahaj
This form is for those whose earning is less than Rs.50 lakh per annum. This income can be from salary or pension. Earning can be from other sources. Or there can be income from a house property. Here other sources means that the earnings made in lottery or horse race are included. If there is an income of Rs 5000 from farming, then this form will have to be filled.
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This form cannot be filled by those people who earn taxable income or whose income comes under the purview of tax. Even those earning from business or any profession cannot fill this form. This form is not applicable to those people who are directors of a company. Those who have invested in an unlisted company, earn capital gains, have income from business and profession and have income from more than one house property.
ITR 4 Form or Sugam
ITR 4 form is also called Sugam. This is for Individuals and HUFs, people running Partnership Firms (not LLPs) also fill it. If there is income under section 44AD and 44AE of income tax, then this form has to be filled. You can fill ITR 4 form if you earn more than Rs 50 lakh from salary or pension.
Those whose income is more than 50 lakhs, turnover of business or profession is more than 2 crores, are director of the company, have invested in unlisted shares, if you are the signing authority in any account outside India, then you cannot fill this form. If you are a freelancer and the annual income is more than 50 lakhs, then you can fill Form 4.
Who can file?
Income tax is not required to be filled by every person, only a few people have to fill it, about which we are going to tell you which person should file ITR.
- An act has also been made for this, which is as follows: According to Section 139(1) of the Income Tax Act, 1961, only those persons whose annual income is more than 2.5 lakhs will file income tax.
- All the government or private companies working in India have to file income tax according to their annual income.
- If a person does his business abroad but if he is a resident of India, then it is mandatory for that person to file his tax.
- If an old person is 80 years old and if the annual income of that person is 10 lakh or more, then that person is also required to file income tax.
- If the age of any person is less than 80 years and 60 years and if the annual income of that person is 3 lakh or more then that person also has to file income tax.
- All schools, universities, hospitals, or institutes in India also have to file their e-mutable income tax.
- If a person lives abroad but that person earns from India also, then that person also has to file his tax.
- If a person has applied for a visa, then that person is also required to file income tax.
- If a person spends more than two lakhs in traveling abroad, then that person also has to file ITR.
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