The Central Board of Direct Taxes has released a new income tax return form for the assessment year 2021-22. “In view of the Covid pandemic crisis and to make things easier for taxpayers, no significant changes have been made as compared to last year’s ITR (Income Tax Return) form,” CBDT said in a statement.
According to CBDT, due to amendment of Income Tax Act, 1961 only few minimum changes have been made.
Which form for
The easiest ITR Form-1 and Form 4 are used by small and medium taxpayers. Taxpayers with annual income up to Rs 50 lakh use Sahaj i.e. Form-1, along with only taxpayers who earn income from salary, a house or interest, also file ITR with Sahaj form. At the same time, Sugam i.e. Form-4 is used by Hindu undivided families and firms with an annual income of up to Rs 50 lakh. Along with this, people who earn income from business or profession also fill ITR through this form.
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However, individual taxpayers or Hindu undivided families who do not earn income from business or profession can file income tax returns through ITR-2 and ITR-3. Individual taxpayers, Hindu undivided families and companies, as well as partnership firms, can fill the LLP ITR-5 form. Companies can fill ITR Form-6. Trusts, political parties and charitable institutions claiming exemption under the Income Tax Act use Form-7 to file ITR. Explain that the new ITR form issued by CBDT is available at the link http://egazette.nic.in/WriteReadData/2021/226336.pdf .