New Delhi: The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 (FY 2020-21). There is not any change within the method of filing of ITR Forms as in comparison with final 12 months.
Keeping in view the continued disaster as a result of COVID pandemic and to facilitate the taxpayers, no vital change have been made to the ITR Forms compared to the final 12 months’s ITR Forms. Only the naked minimal modifications necessitated as a result of amendments within the Income-tax Act, 1961 have been made, an official assertion mentioned.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are easier Forms that cater to a lot of small and medium taxpayers. Sahaj will be filed by a person having revenue upto Rs 50 lakh and who receives revenue from wage, one home property / different sources (curiosity and so forth.).Â
Similarly, Sugam will be filed by people, Hindu Undivided Families (HUFs) and companies (apart from Limited Liability Partnerships (LLPs)) having whole revenue upto Rs 50 lakh and revenue from enterprise and career computed below the presumptive taxation provisions.
Individuals and HUFs not having revenue from enterprise or career (and never eligible for filing Sahaj) can file ITR-2 whereas these having revenue from enterprise or career can file ITR Form 3. Persons apart from particular person, HUF and corporations i.e. partnership agency, LLP and so forth. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political events, charitable establishments and so forth. claiming exempt revenue below the Act can file ITR-7.
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