Whether IT Department will Take details of Foreign Pension Account New ITR Form Notified; Check Complete Details

The Income Tax Department has notified the ITR Form for filing Income Tax Return for the financial year 2021-22. In this, details of income from overseas retirement benefits accounts have also been sought from the taxpayers. Income Tax Return Forms 1 to 5 have been notified by the Central Board of Direct Taxes (CBDT). ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are fairly easy to fill, which is useful for a large number of small and medium taxpayers.

Apart from salary, if you have income, you will have to fill out the easy form

Sahaj can be filed by a person having income up to Rs 50 lakh and who earns from salary, house property, and other sources (interest, etc.). ITR-4 can be filed by individuals, HUFs, and firms with total income up to Rs 50 lakh and income from business and profession.

ITR-3 is for people having income from business

ITR-3 is filed by individuals having income from a business, whereas ITR-5 is filed by LLP. While the ITR-1 form has been largely retained as last year, the new addition to the form is to include income from overseas retirement benefits account maintained abroad for computing net salary.

ITR Form Will help taxpayers in early filing

The ITR form also asked if the retirement account was kept in a notified country, as required by section 89A of the Internal Revenue Code. Section 89A of the Internal Revenue Code allows taxpayers to claim tax relief on this income. According to AMRG & Associates Senior Partner Rajat Mohan, this will allow the government technology team to prepare Excel sheets in a timely way, allowing taxpayers to file early.