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What is ITR Registration?
ITR (Income Tax Return) Registration refers to the process of filing your income tax return with the Income Tax Department of India. It ensures legal compliance and allows taxpayers to report income, claim refunds, and pay taxes accurately. ITR registration is mandatory for individuals, businesses, and entities whose income exceeds the taxable limits set by the government.
The government website can be used by all types of taxpayers in India for filing ITR. Different types of ITR Forms are available such as ITR1(SAHAJ), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. The taxpayer chooses his ITR form according to his eligibility for the form.
What is ITR 4 (Sugam)?
The ITR-4 form is designed for resident individuals whose total income includes salary, income from a single house property, agricultural income up to ₹50,000, and income from other sources. It is specifically meant for those whose total income exceeds ₹50,00,000. Filing ITR-4 ensures compliance with tax laws while allowing you to report your business, professional, and other incomes accurately and efficiently.
Who can file ITR 4?
- Total income is up to ₹50 lakh
- Business or professional income is computed on a presumptive basis under Section 44AD, 44ADA, or 44AE
- Income from salary or pension
- Rental income from one house property
- Agricultural income up to ₹5,000
- Capital gains (only under Section 112A, not exceeding ₹1.25 lakh) without carry forward of capital losses
- Income from other sources such as interest, dividends, family pension, etc.
Benefits of Filing ITR 4
- Proof of Income: Validates earnings for self-employed taxpayers.
- Claim Refunds: Recover excess taxes deducted.
- Document Processing: Helps in loans, credit cards, and insurance applications.
- Visa Applications: Required for smooth visa processing.
- Claim Losses: Carry forward business, professional, or capital losses.
Documents Required
- Aadhaar card
- Bank account details
- Capital gains statement
- Details of investment in unlisted shares
- Document proof to claim deductions u/s 80D to 80U
- Form 26AS
- Form-16A/Form-16B/Form-16C/Form-16D
- Home loan statement from bank/NBFC
- Interest certificates from the bank
- Interest certificates from the post office
- Pre-validation of bank account for ECS refund
- Salary slips
- Tax-saving investment proof
- Update bank savings account passbook
- Update post office PPF account passbook
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Frequently asked questions
Can small business owners file ITR-4?
Yes, businesses with turnover up to ₹2 crore under the presumptive taxation scheme can file ITR-4.
Is ITR-4 only for professionals?
No, it is for both small business owners and professionals opting for presumptive taxation.
Can I include income from salary along with business income?
No, it is for both small business owners and professionals opting for presumptive taxation.
Is it possible to claim a refund after filing ITR-4?
Yes, if excess tax was paid, filing ITR-4 helps you claim refunds.
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