Income Tax Return: Important notice about change for taxpayers from Govt; here is what it said
Amid the ongoing crisis due to COVID pandemic, the Central Board of Direct Taxes (CBDT) has announced that it has notified new Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22.
Amid the ongoing crisis due to COVID pandemic, the Central Board of Direct Taxes (CBDT) has announced that it has notified new Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22. The important message for taxpayers from the government was that “no significant change has been made to the ITR Forms in comparison to the last year.”
The CBDT in its notification said, “Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.” That should come as a big relief for taxpayers across the country.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers, points out CBDT notification.
Sahaj can be filed by an individual having income up to Rs. 50 lakh and who receives income from salary, one house property / other sources (interest, etc.).
Whereas, Sugam can be filed by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships (LLPs)) having total income up to Rs. 50 lakh and income from business and profession computed under the presumptive taxation provisions.
ITR Form 2 can be filled by the individuals and HUFs not having income from business or profession (and ineligible for filing Sahaj), while those having income from business or profession can file ITR Form 3.
Persons other than individual, HUF and companies i.e. partnership firm, LLP and others are supposed to file ITR Form 5. Companies can file ITR Form 6. Whereas, trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7.
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