Download Income Tax Return (ITR) 4S for AY 2013-14(FY 2012-13)

Download Income Tax Return (ITR) 4S for assessment year 2013-2014 .i.e. FY 2012-13. ITR 4S is applicable to an individual / HUF whose total income for the assessment year 2013-14 includes. Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the act for computation business income or Income from salary pension or Income from one house property (excluding cases where loss is brought forward from previous year) or Income from other sources (excluding winning from lottery and income from race horses). This ITR 4S return can’t be used by person having income from more than one house property or Income from winning from lottery or income from race horses Income under the head capital gains which are not exempt from tax e.g., short-term capital gains or long-term capital gains from sale of house, plot, etc. Income from agriculture income in excess of Rs. 5000; or Income from speculative business and other special incomes Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission or brokerage. Current Limit under section 44AD is Rs 1 Crore.

 1.       Assessment year for which this return form is applicable

This return form is applicable for assessment year 2013-14 only, i.e., it relates income earned in financial year 2012-13.

2.       Who can use this return form

This return form is to be used by an individual / HUF whose total income for the assessment year 2013-14 includes:-

a)      Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the act for computation business income; or

b)      Income from salary pension; or

c)       Income from one house property (excluding cases where loss is brought  forward from previous year) ;or

d)      Income from other sources (excluding winning from lottery and income from race horses)

NOTE the income computed shall be presumed have been computed after giving full effect to every loss, allowances, deprecation under the income tax Act.

NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of assessee, this return form can be used only if the income being clubbed falls into the above income categories.

3.       Who cannot use this return form

3.1   SUGAM cannot be used to file the following incomes

a)      Income from more than one house property; or

b)      Income from winning from lottery or income from race horses; or

c)       Income under the head “capital gains “ which are not exempt from tax e.g., short-term capital gains or long-term capital gains from sale of house, plot, etc.; or

d)      Income from agriculture income in excess of Rs. 5000; or

e)      Income from speculative business and other special incomes.

f)       Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission or brokerage.

3.2   This return form cannot be used by any resident having any asset (including financial interest it any entity) located outside India or singing authority in any account located outside India.

4.       SUGAM from is not mandatory

SUGAM business from shall not apply at the option of the assessee, if-

i)  The assessee keeps and maintains all the books of account and other document referred to in section 44AA in respect of the business.

ii) The assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business.

In the above scenarios, regular ITR-4 should be filed and not SUGAM.

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