ITR 4S means for AY 2023-24

By | February 20, 2023
(Last Updated On: February 20, 2023)

ITR 4S means for AY 2023-24

ITR 4S is an Income Tax Return form that is used by individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA or Section 44AE of the Income Tax Act. It is also known as Sugam form.

The presumptive taxation scheme is a simplified taxation scheme for small taxpayers engaged in certain specified professions or businesses. It allows them to declare their income at a predetermined rate, based on the gross receipts of their business or profession, without having to maintain detailed accounts.

ITR 4S form is applicable to taxpayers who have income from presumptive business or profession, which includes businesses such as retail trading, wholesale trading, and certain professions such as engineering, architecture, and others. However, it is not applicable to taxpayers who have income from more than one business or profession.

ITR 4S form can be filed both online and offline ( if senior Citizen above specified age) . Online filing can be done on the Income Tax e-filing portal, while offline filing can be done by submitting a physical copy of the form at the designated Income Tax Office. It is important to ensure that all details provided in the ITR 4S form are accurate and complete, and that all necessary supporting documents are attached before filing the return.

Who can file ITR 4S for AY 2023-24

For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto  Rs.50 lakh and having income from business and profession which is computed under sections
44AD, 44ADA or 44AE,

Who can not file ITR 4S for AY 2023-24

It is not for an individual who is either Director in a company or has invested in unlisted equity  shares or if income-tax is deferred on ESOP or has agricultural income more than Rs.5000


Here are the new ITR  forms  (ITR 1 to ITR 6 ) and ITR V Acknowledgement Notified  Notified for AY 2023-24 


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