ITR ayAY 2020-21

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This discussion clarifies which Income Tax Return (ITR) form to use for Assessment Year 2020-21. If you have presumptive business income under Section 44AD or 44AE, and your business turnover doesn't exceed Rs 2 crores, you should generally file using ITR-4 (Sugam). This form is suitable for individuals opting for the presumptive income scheme, including those with bank interest income.

Babu

Babu (Querist)
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10 August 2020 I have purchased a land for 85 lakhs during FY 2019-20, paying tax @ 1%.I have deemed business income as per 44AD and interest from banks. I want to know which ITR form I am supposed to file my returns for AY 2020-21

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 August 2020 File ITR 4.................

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Aashok Kumar Sharma online

Aashok Kumar Sharma

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11 August 2020 The Sugam ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the tax payer will have to file ITR-4.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 August 2020 Mr Asha Kanta Sharma ITR forms revised check e-filing income tax.

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