Summary

This detailed guide explains how to file ITR-4 (Sugam) for Assessment Year (AY) 2026-27, focusing on small businessmen and professionals under the Presumptive Taxation Scheme. Key points covered include:

• Eligibility: Individuals and HUFs with income up to ₹50 lakh from business (Section 44AD), profession (Section 44ADA), or transport (Section 44AE).

• Turnover Limits: Revised limits of up to ₹3 crore for business and ₹75 lakh for professions, provided 95% of receipts are digital.

• New Requirements: Mandatory reporting of 31st March bank balances, details of joint property owners, and tenant PAN/Aadhaar for high-value rentals.

• Exclusions: Individuals holding directorships, unlisted equity shares, or having Short-Term Capital Gains (STCG) cannot use ITR-4.

• Tax Regime: Advice on navigating the default New Tax Regime versus opting for the Old Regime using Form 10-IEA.

• TDS Reconciliation: Importance of matching TDS with Form 26AS to avoid notices or demand issues, especially for online gaming income.

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