The Central Board of Direct Taxes (CBDT) notified new income tax return (ITR) forms for assessment year 2021-22 on Thursday. The apex direct tax authority in the country stated that no significant changes have been made to ITR forms in comparison to last year to help the taxpayers in view of the ongoing crisis due to COVID pandemic.
Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been incorporated in the forms, CBDT further added, while listing the changes in Income-tax Rules, 1962, to this end for the current assessment year. The government has implemented certain changes related to income tax return filing from April 1, 2021, with the beginning of financial year 2021-22.
There is no change in the manner of filing of ITR forms as compared to last year either, the tax body further mentioned.
Form ITR-1, or Sahaj, and Form ITR-4, or Sugam, are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property or other sources, like interest etc. Similarly, Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than limited liability partnerships (LLPs)) with total income up to Rs 50 lakh and income from business and profession computed under the presumptive taxation provisions.
Individuals and HUFs that do not have income from business or profession, and are not eligible for filing Sahaj, can file ITR-2, while those earning from business or profession can file Form ITR-3.
Taxpayers other than individuals, HUFs and companies, i.e. partnership firms, LLPs etc., can file Form ITR-5, whereas companies can file Form ITR-6. Trusts, political parties, charitable institutions, etc., claiming exemption income under the Income-Tax Act will have to file Form ITR-7.
(Edited by Vivek Punj)
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