Now is the time to file Income Tax Return (ITR). The Income Tax Department has notified new forms for filing Income Tax Return (ITR) for the financial year 2021-22.
The forms notified by the Central Board of Direct Taxes are ITR Forms 1-5. Different people have to fill different forms for filing Income Tax Return. This is the reason why the Income Tax Department gives the option of many types of ITR Form. We will tell this news which taxpayer has to fill which form. Let’s know in detail…
ITR Forms – 1,4:
Talking about ITR Form 1 and ITR Form 4, there will not be much difficulty in filling ITR Form 1 (Sahaj) and ITR Form 4 (Sugam). Both these forms are very simple. Small and medium tax filers fill their income tax return through this form only.
Now if a person earns income up to Rs 50 lakh from salary, his house and other sources in a year, then with the help of ITR Form 1 (Sahaj) form, he can file his income tax return.
At the same time, Individuals, HUFs and companies earning income up to Rs 50 lakh in a year from business and profession through ITR Form 4 (Sugam) file their income tax returns.
ITR Form – 2 :
ITR Form-2 is used to file income tax returns for those whose annual salary income is more than Rs 50 lakh. Apart from this, if that person earns income from more than one house property or source of income from other countries or is the owner of any foreign property, then he has to file income tax return with the help of ITR Form-2.
Even if you are a director of a company or you only hold shares in unlisted companies, you will still have to use ITR Form-2 to file your income tax return.
ITR Form – 3, 5:
ITR Form-3 is used to file income tax return of income or profit from business/profession. Apart from this, corporate body Limited Liability Partnership (LLP) should use ITR Form – 5 Form.
ITR-6 and ITR-7:
ITR-6 form has been made for companies other than companies claiming exemption under Section 11 of the Income Tax Act.
ITR-7 for companies and individuals who are required to file returns only under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)
These changes in the new form:
The new ITR-1 form is almost the same as the previous year’s form. But a new one has been added to it. In this, income from retirement benefit account in other country has to be shown.
