NCLAT: Unenforced Equitable Mortgage is Corporate Debtor’s Asset, Not to Be Treated as Margin Money  ||  NCLT Approves Hindustan Unilever’s Ice Cream Business Demerger into Kwality Wall’s  ||  Supreme Court: Bar Councils Cannot Charge Over Rs 750 for Enrollment or Withhold Applicants’ Docs  ||  SC Cancels POCSO Conviction, Observing Crime Resulted from Love, Not Lust, After Marriage  ||  Supreme Court: Advocates Can be Summoned Only under S.132 BSA Exceptions with Prior Officer Approval  ||  Allahabad HC: Juvenile Conviction Cannot be Treated as Disqualification for Government Jobs  ||  Delhi HC: DV Act Rights of Daughter-in-Law Cannot Deny In-Laws’ Right to Reside in Home  ||  Delhi HC: Waitlist Panel Cannot Be Segregated, Vacancies Must Be Filled From Valid Waitlist  ||  Delhi HC: Matrimonial FIR Cannot Be Quashed If Couple’s Settlement Agreement is Not Executed  ||  Delhi HC Bars All India Carrom Federation from Using “India” or “Indian” in its Name    

CBDT notifies new Income Tax Return Forms for assessment year 2021-2022- (Press Information Bureau) (01 Apr 2021)

MANU/PIBU/1442/2021

Direct Taxation

The Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to the last year's ITR Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler Forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income upto Rs. 50 lakh and who receives income from salary, one house property / other sources (interest etc.). Similarly, Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having total income upto Rs. 50 lakh and income from business and profession computed under the presumptive taxation provisions.

Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR-2 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 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.

Tags : ITR   NEW FORMS   NOTIFICATION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved