Description

ITR 4: ITR 4, also known as Sugam, is an income tax return form designed for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive taxation scheme. The presumptive taxation scheme allows certain eligible taxpayers to declare their income at a prescribed rate, without the need for maintaining detailed accounting records.

Eligibility for ITR 4:

1. Individuals and HUFs who are residents of India.
2. Business owners and professionals who have opted for the presumptive taxation scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act.

ITR 5: ITR 5 is an income tax return form used by firms, limited liability partnerships (LLPs), association of persons (AOPs), and body of individuals (BOIs). It is applicable to entities that are not required to file their returns using ITR 3 (for partnership firms) or ITR 7 (for AOPs, BOIs, and charitable trusts).

Eligibility for ITR 5:

1. Firms (including LLPs) and AOPs.
2. BOIs (Body of Individuals).
3. Artificial Juridical Persons (AJP).
4. Cooperative societies.