The Central Board of Direct Taxes (CBDT) has introduced new income tax return (ITR) forms for the 2021-22 exam year on Thursday. The country’s top tax official said no significant changes had been made to ITR forms compared to last year to help taxpayers due to the ongoing crisis over the COVID epidemic.
Only with the empty amendments required as a result of amendments to the Tax Act, 1961 included in the forms, CBDT added further, while including the list of changes to the Income Tax Act, 1962, to date in the current review year. The government has implemented certain changes related to the completion of the tax return since April 1, 2021, at the beginning of the 2021-22 financial year.
There is no change in the way the ITR forms are completed compared to last year, the tax body said.
Form ITR-1, or Sahaj, and Form ITR-4, or Sugam, simple forms provide a large number of small and medium taxpayers. Sahaj can be claimed by a person who has a income of up to Rs 50 lakh and who receives money from salary, household goods or other sources, such as interest etc. with the exception of limited partnerships (LLPs) with an income of up to Rs 50 lakh plus income from business and work combined under speculative tax conditions.
Individuals and HUFs who have no income from business or expertise, and who are not eligible to apply for Sahaj, may apply for ITR-2, while those earning a business or profession may submit an ITR-3 form.
Taxpayers other than individuals, HUFs and companies, i.e. co-operative firms, LLPs etc., can file Form ITR-5, and companies can file Form ITR-6. Trusts, political parties, charities, etc., who are seeking income exemptions under the Income-Tax Act will have to submit an ITR-7 form.