ITR-4 (Sugam)
Definition
The income-tax return form for resident individuals, HUFs and firms (other than LLPs) opting for presumptive taxation of business or professional income under Sections 44AD, 44ADA or 44AE, within the prescribed turnover limits.
Related Terms in India GST
Section 44AD
A presumptive taxation scheme letting eligible small businesses in India declare income at a prescribed percentage of turnover instead of maintaining detailed books. A lower percentage applies to digital receipts to encourage non-cash turnover.
Section 44ADA
A presumptive taxation scheme for eligible professionals in India, allowing income to be declared at a prescribed percentage of gross receipts up to a turnover limit, without maintaining full books of account.
Section 44AB (Tax Audit)
The provision requiring a tax audit of accounts where a business's or professional's turnover or receipts exceed prescribed limits, or in certain presumptive-scheme situations. The audit report is filed in the prescribed form before the return.
Section 80C
A deduction under India's old tax regime for specified investments and payments — such as life insurance premiums, provident fund, ELSS and certain tuition fees — up to an annual ceiling, reducing taxable income.
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