Aadhaar is now must for PAN; Here's how you can file ITR -4 Sugam

Key Highlights: 

• Quote Aadhaar for applying PAN from July 1
• Aadhaar must be needed while filing income tax returns
• ITR-4 Sugam can be opted as presumptive income scheme according to Section 44AD ,Sec 44ADA and Section 44AE

Income tax returns filing deadline is July 31, 2017 for citizens and Aadhaar is now mandatory for filing income tax returns and link with your PAN. We tell you how to file your income tax returns using form ITR-4 'Sugam'.

The Central Board of Direct Taxes on June 10 said, “Aadhaar can also be seeded into PAN database by quoting Aadhaar in PAN applications form of new PAN allotment or by quoting Aadhaar in change request form used for reprint of PAN card.”

ITR-4 Sugam for the assessment year 2017-18 is the ITR form for those firms, individuals and hindu undivided family (HUF) who have adapted presumptive income scheme according to Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

Who are eligible:

A small business with turnover of less than Rs 2 crore may can file under the scheme as per Section 44AD and declare profits at 8% gross receipts.

Doctor can file for presumptive income scheme under Section 44ADA if his gross receipts do not exceed Rs 50 lakhs and can declare 50% of gross receipts as income.

Film artists can also their income tax returns under ITR-4.

Persons engaged in the accountancy profession, interior decoration, technical consultancy can also for this scheme.

Taxpayer may be in any business – retail trading or wholesale trading or civil construction or any other business to avail this scheme. 

How do I file my ITR-4 Form for AY 2017-18?

Filing of ITR-4 can be done either by online or offline. ITR-4 is an annexure-less form i.e. you do not have to attach any documents when you send it. 

Use Digital Signature Certificate (DSC) to e-file. After submitting ITR-4 form electronically under digital signature an acknowledgement will be forwarded to your registered email address. 

These forms can downloaded manually from the income tax website. After downloading, you are needed to sign and send it to the IT department's CPC office in Bangalore within 120 days of e-filing.

Offline is available for only individuals whose age is 80 years or more. Also individuals whose income is less than Rs 5 lakh and do not have to claim refund in the ITR. 

Returns can be filed offline by furnishing a return in a physical paper form or by a bar-coded return. 

Common information needed to fill in the ITR-4 is your details like name and address, PAN number and also now the 12-digit Aadhaar number. Click Here to have a look at the ITR-4 form. 

What is the Structure of ITR 4 for AY 2017-18?

ITR-4S is divided into parts. 

Part A: General Information

Part B: Gross total income from the five heads of income

Part C: Deduction and total taxable income

Part D: Tax computation and tax status