165 week ago — 5 min read
As Financial 2020-21 has completed, the Central Board of Direct Taxation (CBDT) has released the ITR forms for the AY 2021-22. Keeping minimum changes in the ITR forms compared to previous assessment year (2020-21) with an intention to minimise the compliance burden.
The CBDT has announced 7 ITR forms (Form ITR-1 to Form ITR -7) for the Assessment Year 2021-22, on 1 April 2021 in Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021.
In this new ITR form for AY 2021-22, the taxpayers will now have dedicated space in each of the ITR forms to describe their investments. Below are the details for each ITR Forms.
1. ITR-1 or Sahaj: This return form is for Indian resident Individuals. whose total Income for the financial year does not exceed 50 Lakhs. This form needs to be filed by individuals whose income source is anyone, more or all below.
I. Salary/Pension
II. One house property
III. Agricultural income up to INR 5000.
IV. Income from other sources (Excluding Lottery winning and Race horses)
2. ITR-2: This return form is for Individuals and Hindu Undivided Family’s (HUF). Whose source of income is any one, more, or all of the below
I. Salary/pension
II. Income from one or more house property
III. Income from other sources (Including winning from lottery and race horse)
(Total Income form I to III should be more than 50 Lakhs)
IV. If you are a director in Company
V. If you have investment in unlisted equity shares in that financial year
VI. Being a Nonresident or resident not ordinary resident
VII. Income from capital gains
VIII. Foreign income/assets
IX. Agricultural income more than 5000.
3. ITR-3: This form is for Individuals and HUFs. Who have income from a proprietary firm or are carrying a profession. This form needs to be filed by individuals whose income source is any one, more, or all below.
I. Business or profession
II. If you are director in a company
III. If you have investment in unlisted equity shares in that financial year
IV. Income from House property, Salary/Pension, capital gain and Income from other sources
V. Income of a person as a partner in the firm
4. ITR-4 or Sugam: This form is for Individuals and HUF’s, Partnership firms (Not LLP). Which are residents having income from business or profession. It also includes those who have opted for the presumptive income scheme. This form needs to be filed by individuals whose income source is any one, more, or all below.
I. Total income exceeds 50 Lakh.
II. Income from more than one house property.
III. Owning any foreign assets.
IV. Income from any source outside India.
V. Having signing authority in any account located outside India.
VI. If you are a director in company.
VII. If you have investment in unlisted equity shares in that financial year.
VIII. Being a Non-Resident or resident not ordinary resident.
IX. If you have any brought forward loss or loss to be carried forward under any head of income.
X. If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person
5. ITR-5: ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust, and investment fund.
6. ITR-6: This form is exclusively for companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes). This return has to be filed electronically only.
7. ITR-7: This form is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
There is no change in the process of filing of ITR forms as compared to last assessment year, the Central Board of Direct Taxation (CBDT) mentioned.
Also read: MCA lays down mandatory use of Accounting Software having audit trail
To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.
Image source: shutterstock.com
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
5 Significant changes in Income Tax
163 week ago
Everything you need to know about LTA scheme
164 week ago
Most read this week
Comments
Please login or Register to join the discussion