Some important points on New ITR Forms notified by the Government

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Studycafe | Apr 2, 2021 | Views 1269964

Some important points on New ITR Forms notified by the Government

Some important points on New ITR Forms notified by the Government

The Central Board of Direct Taxes [CBDT] has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no. 21/2021 in G.S.R. 242(E) dated 31.03.2021.

Changes in the New ITR Forms:

No significant changes have been made to the ITR Forms in comparison to the last year’s ITR Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.

This has been done keeping in view the ongoing crisis due to the COVID pandemic.

Brief information about ITR Forms:

Simple ITR Forms for ease of doing business

  • ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler Forms that cater to a large number of small and medium taxpayers.
  • Sahaj [ITR-1] can be filed by an individual having income upto Rs. 50 lakh and who receives income from salary, one house property / other sources (interest etc.).
  • Sugam [ITR-4] can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having total income upto Rs. 50 lakh and income from business and profession computed under the presumptive taxation provisions.

Other Forms

  • Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR Form 2
  • Individuals and HUFs having income from business or profession can file ITR Form 3.
  • Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form 5.
  • Companies can file ITR Form 6.
  • Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR Form 7.

There is no change in the manner of filing of ITR Forms as compared to last year.

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