This return is applicable for an individual or Hindu Undivided Family (HUF), Who is resident or other than not resident Firm (other than LLP) which is a resident whose total income is up to ₹ 50 lakh and income from business and profession which is calculated on an approximate basis (under section 44AD/44ADA/44AE) and income from any of the following Source:
ITR-4 not be filed by a person who –
(a) An individual for Director in a Company, or
(c) Has any asset (including financial interest in any entity) located outside India, or
(d) Has the right to sign any account located outside India, or
(e) Has income from any source outside from India,
(f) Is a person in whose case payment or deduction of tax on ESOP has been deferred
(g) Who has any forward loss or loss to be carried forward under any head of income
(h) Income not exceeding ₹ 50 lakh during the financial year.
Note:- that Form ITR-4 (SUGAM) is not compulsory. This is a simplified return form which can be used by an assesse at his/her option, if he is eligible to declare profits and gains from business or profession on actual basis under sections 44AD, 44ADA or 44AE.
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