New ITR Forms: A new Income Tax Return (ITR) form has been released for the assessment year 2021-22. The CBDT has not made any significant changes to the new form notified in view of the corona virus epidemic. The Finance Ministry said that due to the amendment in section 1961 of the Income Tax Act, only the necessary changes have been made in the ITR-1 to ITR-7 form. Also, no change has been made in the way of filling the form.
Download new form from here
The new ITR form issued by CBDT is available at this link. https://egazette.nic.in/WriteReadData/2021/226336.pdf
This form can be downloaded from this link.
Which form for
Income Tax Return Form-1 and Form 4 are the easiest. They are used by small and medium taxpayers. Taxpayers with an income up to Rs 50 lakh per annum, are filing ITR using Sahaj ie Form-1. Also, only taxpayers who get income from salary, a house or interest, also file ITR with a simple form. At the same time, for filing ITR, Sugam i.e. Form-4 is used by Hindu Undivided Family (HUF) and firms with an annual income of up to Rs 50 lakh. Also, people who earn income from business or profession also fill ITR through this form.
ITR-1 (Sahaj): Small and medium taxpayers, whose annual income is up to 50 lakh rupees. Also, whose source of earning is only salary and other sources like a house or interest.
ITR-4 (Sugam): This form is filled on behalf of Hindu undivided family and companies, whose annual income from any business or profession is up to Rs 50 lakh.
ITR-2: Individual taxpayers and Hindu undivided families whose income is not from any business or profession. Also, they should not have the ability to fill the natural form.
ITR-3: Individual taxpayers and Hindu undivided families whose income is from a business or profession.
ITR-5: Hindu Undivided Family, Partnership Companies, LLP can fill it.
ITR-6: Companies can fill it.
ITR Form-7
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 can file ITR through ITR Form-7.
They will continue to get rebate on salary income
Finance Minister Nirmala Sitharaman said on Thursday that Indian workers working in Gulf countries will continue to get tax exemption on their salary income. No new or additional tax has been levied in the case of Indian workers working in Saudi Arabia / UAE / Oman / Qatar through Finance Law-2021.
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