Who Can Not Use ITR-4S or Sugam Form Despite Having Eligible Business u/s 44AD !

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Financial year 2013-14 has ended and thus tax filing period is approaching (July 2014 onwards..). In this connection , you must be aware that CBDT has done a good job to notify the ITR1 (Sahaj), ITR-2 & ITR4s i.e., Sugam tax return form vide notification dated 1st April 2014 .If you wish, you can download ITRs for Asst Yr 2014-15 from here. However, this post is on account of a query from one reader who  asked which form to use to declare presumptive business income as Sugam tax form does not show any field for capital gains. So, he wanted confirmation if he can file ITR-4S for presumptive business even if he has capital gain income. I can understand his anxiety because ITR-4S or SUGAM does not have any column for declaring capital gains, although it has all the field for other heads of income. Similar to this, there are other types of income that debar a person from using Sugam form.

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