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ITR-4S_2015 2015-06-27

ITR-4S_2015

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    Form No. ITR 4S: This is commonly called sugam. This form can be filed by any individual or an HUF who has business income which is taxable at certain predefined basis either as certain percentage of your gross receipt/sales or your income is presumed at fixed amount per income yielding asset owned by you like truck etc. So this form can be used only and only if your business income is taxable on some presumptive basis. Broadly speaking this form can be filed by a person who is otherwise entitled to file his return of income in ITR 1 but can not file as he has certain business income taxable at predetermined way. So in case you have capital gains income or agricultural income exceeding Rs. 5,000 or own any foreign asset or have income from any foreign source you can not use this return to file your return of income. You can not use this form even if you have income from lottery or horse race.