Excel for
Chartered Accountants

New ITR-4S Sugam has been notified on 23-06-2015 vide Notification No. 49/2015/ F.No.142/1/2015-TPL . Apart from the normal information required hitherto the following additional information is required for the much debated aspects of bank accounts/Foreign travel/foreign income or assets in the simplified new SUGAM ITR4S:
1. ITR-4S is of 2 Pages excluding Schedules. With Schedule it is 7 Pages
2. Details of Bank Accounts:
2.1 Details of dormant bank accounts are not required to be given
2.2 Details of all bank accounts held in India at any time are required to be given
2.3 The following details are required to be given:
(a)   Total number of Savings Bank Account
(b)   IFS Code
(c)   Bank Name
(d)   Account Number (9 Digits or more as per Banks CBS)
(e)   Type of Account (Savings/Current)

3. Details of Foreign Assets/Income/Account – Not required to be Given
4. Details of Foreign Assets – Not required to be Given

Who can use ITR4S
This Return Form is to be used by an individual/ HUF whose total income for the assessment year 2015 -16 includes:-
(a) Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
(b) Income from Salary/ Pension; or
(c) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(d) Income from Other Sources (Excluding winning from lottery and Income from Race Horses).

3. Who cannot use ITR4S (Sugam)
SUGAM cannot be used to file the following incomes
(a) Income from more than one house property; or
(b) Income from winnings from lottery or income from Race horses; or
(c) Income under the head ·Capital Gains", e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc or
(d) Agricultural income in excess of Rs. 5,000
(e) Income from Speculative Business and other special incomes; or
(f) Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission for brokerage; or
(g) Person claiming relief of foreign tax paid under section 90, 90A or91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
(i) Any resident having income from any source outside India

SUGAM form is not mandatory
SUGAM Business Form shall not apply at the option of the assessee, if-
(i) the assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect to the business.
(ii) the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business. In the above scenarios, Regular ITR-4 should be filed and not SUGAM

Download ITR4S SUGAM for FY 2014-15/AY 2015-16 Click Here >>
Download ITR4S SUGAM Fill Instructions Click Here >>

Related Updates:
Simplified ITR-1 Sahaj Key Highlights Click Here >>
Simplified ITR-2 Key Highlights Click Here >>
Newly Notified ITR-2A Key Highlights Click Here >>
ITR1 and ITR4S AY 2015-16 Excel java Based Software Utility Click Here >>

New Simplified ITR-4S Sugam AY 2015-16. Presumptive Business Income Tax Return. Key Features, Notification and Download | 23-06-2015 |