Centre notifies new Income Tax forms to file returns for AY 2021-22
The Central Board of Direct Taxes on Thursday notified new forms to file Income Tax Returns (ITR) for the assessment year 2021-2022. According to a statement, no ‘significant’ changes have been made to the new ITR forms in comparison with the previous year’s ones due to the ongoing coronavirus disease (Covid-19) pandemic in the country.
“Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made,” the statement added. Similarly, there has been no change in the manner of filing these forms as compared to last year
The CBDT has notified a total of seven forms for various kinds of taxpayers for this assessment year. They are as follows:
1. ITR Form 1 (Sahaj) is a simpler form which serves the majority of the small and medium taxpayers. Sahaj can be filed by an Individual who has an income up to ₹50 lakh and who receives the income from salary, one house property / other sources (interest etc).
2. ITR Form 4 (Sugam) also a simpler form caters to the small and medium taxpayers too. It can be filed by Individuals, Hindu Undivided Families (HUFs), and firms except Limited Liability Partnerships (LLPs) “having a total income of up to ₹50 lakhs and income from business and profession computed under the presumptive taxation provisions,” the statement said.
3. ITR Form 2 is for those Individuals and HUFs which do not have an income from business or profession and are not eligible for filing Sahaj (ITR Form 1). Whereas those having income from business or profession can file ITR Form 3.
4. Those apart from an Individual, HUF and companies such as partnership firm, LLP etc can opt for ITR Form 5. Companies are eligible to file ITR form 6.
5. ITR Form 7 is for political parties, trust, and charitable institutions etc that claim exempt income under the Act.
On Wednesday, another major relief that the Centre gave to taxpayers in the view of the pandemic was the extension of the deadline to link Aadhaar card with the Permanent Account Number (PAN). The deadline has now been extended to June 30 from 31 March, according to the Income Tax Department. Earlier, failure to link Aadhaar with PAN post 31 March would have led to a fine of ₹1,000.