itr-4 return filing service kyna fintax associates

Professional (Sugam) ITR-4 Return Filing Services

Simplify your tax compliance with Kyna Fintax Associates. The ITR-4 form, also known as Sugam, is designed for small taxpayers who opt for the Presumptive Taxation Scheme. We provide expert assistance to ensure your business or professional income is filed accurately and on time.

What is Income Tax Return-4 (ITR-4)?

ITR-4 is a simplified return form for Individuals, HUFs, and Partnership Firms (other than LLPs) who are residents of India and have opted for the Presumptive Taxation Scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. It reduces the burden of maintaining extensive books of accounts.

Who Can File ITR-4?

You are eligible to file ITR-4 if your total income does not exceed ₹50 Lakhs and comes from the following sources:

  • Business Income: Calculated on a presumptive basis under Section 44AD (e.g., small retailers, traders).

  • Professional Income: Calculated on a presumptive basis under Section 44ADA (e.g., consultants, doctors, interior decorators).

  • Goods Carriages: Income from leasing or hiring goods carriages under Section 44AE.

  • Other Sources: Income from Salary/Pension, one House Property, or interest income.

Who Cannot File ITR-4?

You cannot use this form if:

  • Your total income exceeds ₹50 Lakhs.

  • You are a Director in a company or hold unlisted equity shares.

  • You have income from more than one house property.

  • You have Capital Gains (Short-term or Long-term).

  • You own assets outside India or have foreign earned income.

Choose Kyna Fintax Associates for Your ITR-4 Filing

As a professional consultancy located in South West Delhi, we ensure your presumptive tax filing is seamless and compliant.

Feature Our Service Benefit
Accurate Calculation

We ensure your turnover and presumptive income percentages (6%, 8%, or 50%) are applied correctly.
Digital Alignment

We cross-check your digital receipts and Tally records to maximize the benefit of lower tax rates for digital transactions.
GST Reconciliation

We ensure the turnover reported in your ITR-4 matches your GST filings to avoid scrutiny.
Expert Support

Direct consultation for business proprietors to manage utility and tax obligations effectively.

Benefits of Filing ITR-4 (Sugam)

  1. No Audit Required: If you opt for presumptive taxation, you are generally exempt from the requirement of maintaining detailed books of accounts or getting an audit.

  2. Lower Compliance Cost: Being a simplified form, it involves less paperwork and lower professional fees for filing.

  3. Faster Processing: ITR-4 forms are typically processed faster by the Income Tax Department.

  4. Advance Tax Relief: Taxpayers opting for Section 44AD/44ADA can pay their entire advance tax in a single installment by March 15th.

Frequently Asked Questions (FAQ)

Q: Can I file ITR-4 if I have a loss in my business?

A: If you want to declare a loss or an income lower than the presumptive rates, you cannot file ITR-4. You must maintain books of accounts and file ITR-3.

Q: What is the presumptive rate for professionals?

A: Under Section 44ADA, professionals can declare 50% of their total gross receipts as taxable income.

Q: Is ITR-4 applicable to LLPs?

A: No, Limited Liability Partnerships (LLPs) are specifically excluded from using the ITR-4 form.

Important Points to Remember

  • Deadline: Ensure filing by July 31st to avoid late fees.

  • Verification: Remember to e-verify your return using Aadhaar OTP or Net Banking for instant processing.

  • Form 26AS/AIS: Always check your Annual Information Statement (AIS) to ensure all interest and salary income is reported.

    Note: Proper documentation is the key to a hassle-free tax season. Let Kyna Fintax Associates handle the complexity while you enjoy peace of mind.

    Kyna FinTax Associates
    WZ-1390/Z2, 3rd Floor Nangal Raya Extension South West Delhi – 110046 India
    WhatsApp/Call: +91 74210 82222
    Email: services@kynafintax.com