financial services

What are the changes in ITR-4 Form?

The Central Board of Direct Taxes has recently released the new ITR-4 Form, which is supposed to be used by individuals who are earning business income for the Assessment Year 2018-19. ITR-4 Form is generally called as Sugam. ITR-4 is to filed by those individuals and Hindu Undivided Families who have business income and has opted for presumptive income scheme, for the financial year 2017-18 under sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961.

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Who is supposed to file ITR using ITR-4 Form?

For filing ITR using form 4, gross receipts of professionals and self-employed taxpayers should not exceed Rs 50 lakh during a financial year under section 44ADA. For non-professionals who earn income from business, will be eligible for the scheme, if their gross receipts in a financial year does not exceed Rs 2 crore. Moreover, individuals engaged in goods transportation businesses with not more than 10 good carriages can file ITR 4 if they have opted for presumptive income scheme under section 44AE.

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Changes in New ITR-4 Form

The CBDT has made certain changes in the ITR-4 Form and this is not the first time that it has happened. Till FY 15-16, ITR form 4S was applicable for a particular section of taxpayers, then for FY 16-17 it was renamed as ITR 4 along with various other changes. Going with the trend, this year, too, various changes have been made in ITR 4, while the name of form remains the same.\

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The changes that came into being are quoting of GST number and the amount of turnover as per GST return, the number of details of financial particulars has been increased, the codes for selecting nature of business or profession while filing return is changed too.

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