There are different types of Income Tax Returns which are filed by individuals, businesses and HUFs. It becomes crucial in that case to understand the difference between various ITRs. I learnt about the difference
between ITR 1 and ITR 4 recently.
Let me help you with the main differences between ITR 1 vs ITR 4:
ITR 1 (Sahaj): ITR 1, also known as Sahaj, is meant for individual taxpayers who have income from salaries, one house property, other sources (excluding winnings from lottery and racehorses), and total income up to ₹50 lakh.
It cannot be used by individuals who have income from business or profession, or who have income from capital gains.
This form is relatively simpler and more commonly used by salaried individuals with income from other sources such as interest income, rental income, or dividends.
ITR 4 (Sugam): ITR 4, also known as Sugam, is meant for individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) who have presumptive income from business or profession.
It can be used by taxpayers who have income from business or profession computed under the presumptive taxation scheme (Section 44AD, 44ADA, or 44AE) of the Income Tax Act.
Taxpayers eligible to use ITR 4 include small businesses, freelancers, professionals, and individuals engaged in specified businesses such as retail trade, transportation, civil construction, etc.
ITR 4 allows for reporting of both business income and personal income, along with details of deductions and exemptions.
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Authors Of The Question
What is the Difference between ITR 1 and ITR 4?
pihu
169Views
7 months
2024-04-01T22:22:09+00:00 2024-06-26T16:03:07+00:00Comment
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