Home BusinessFinance Income Tax Return forms for AY 2021-22 issued. Details here

Income Tax Return forms for AY 2021-22 issued. Details here

The Income Tax department has issued seven ITR forms -- ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. (Mint)

The Central Board of Direct Taxation (CBDT) has notified new income tax return forms — ITR-1 to ITR-7 — for the assessment year 2021-22, the ministry of finance said in a release on 1 April. “Keeping in view the ongoing COVID-19 crisis and to facilitate the taxpayers, no significant change have been made to the ITR forms in comparison to the last year’s ITR forms,” the CBDT said. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made, CBDT further added.

The taxpayers will now have dedicated space in each of the ITR forms – Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form ITR-4 (Sugam), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V – to describe investments of expenditures made by them during the quarter ended 30 June, CBDT said.

ITR-1 form is meant for resident and salaried individuals having total income of upto 50 lakh while ITR-4 form is for businessmen and individual professionals having total income of upto 50 lakh. Hindu Undivided Families (HUFs) and firms (other than LLP) having total income of upto 50 lakh can also use this form for ITR filing. Both the ITR forms are however not meant for individuals who are either director in a company or has invested in unlisted equity shares.

Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR-2. Those having income from business or profession can file ITR Form 3, it further stated.

“Persons other than individual, HUF and companies i.e. partnership firm, Limited Liability Partnerships (LLP) etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7,” the statement noted.

There is no change in the manner of filing of ITR forms as compared to last year, the tax body mentioned.

Commenting on the new ITR forms, Archit Gupta, founder and chief executive officer, Cleartax said, “This year’s ITR forms do not have any major changes, as it should be, there should be as little change as possible so taxpayers find it easy to comply and are able to report information consistently.”

“Besides the choice between the regimes, taxpayers need to report quarterly dividend income earned in FY 2020-21 in order to comply with advance tax provisions similar to how advance tax is calculated and paid on capital gains, he explained.

Meanwhile,the Income Tax Department has issued refunds worth over 2.62 lakh crore to more than 2.38 crore taxpayers in 2020-21. This include 87,749 crore personal income tax refunds to 2.34 crore taxpayers and 1.74 lakh crore worth corporate tax refunds in 3.46 lakh cases. The refunds issued in 2020-21 marks an increase of almost 43.2%, the I-T department said in a statement.

This article is auto-generated by Algorithm Source: www.livemint.com

Notify of
Inline Feedbacks
Read Comments

Related Posts