Who is eligible to file ITR-4 for FY 2021-22

The Income Tax Return is a document or form that must be submitted to the Income Tax Department of India. It comprises information on a person’s earnings and the taxes that must be paid on those earnings throughout the year.

Taxpayers who are crossing the threshold limit prescribed by the government for filing income tax, are required to file ITR.

One of the forms for filing income tax returns is the ITR-4 Sugam. It is intended for taxpayers who selected a presumptive income plan. Sections 44AD, 44AE, and 44ADA all describe this plan in detail.

Who is eligible to file ITR-4:

A resident individual, HUF, or firm (other than an LLP) may file an ITR-4 if they have:

• Income for the FY not to exceed 50 Lakh
• Income from Business and Profession that is Calculated Under Sections 44AD, 44ADA, or 44AE on a Presumptive Basis
• Income from a pension or salary, one residential property, and up to $5,000 in agricultural income
• Other sources that come from (aside from lottery winnings and income from racehorses):
  • Savings account interest
  • Interest on Bank, Postal, and Cooperative Society Deposits
  • Income Tax Refund Interest
  • Pension for Family
  • Interest on increased compensation
  • Additional Interest Income (e.g., Interest Income from unsecured loan)