Abhinay rai |
2021-04-03 13:36:01 |
Articles|
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The income tax return forms (ITR) for FY 2020-21 or assessment year 2021-22 have been notified by the government. The Central Board of Direct Taxes has notified all ITR Forms for AY 2021-22 from 1 to 7 according to Notification No. 21/2021 in GSR 242 (E) dated 31-03-2021 To facilitate taxpayers and minimize the burden of compliance, do not significant changes have been made. performed on this year's ITR Forms compared to last year's Forms ( assessment year 2020-21) it is the first time that taxpayers will have the option of choosing a more beneficial tax regime, The income tax filing exercise for this year will be very important for all income tax payers, as. This year do not have major changes in ITR forms, there should be as little change as possible so that taxpayers feel easy to comply and can report information consistently. In addition to choosing between regimes, taxpayers are required to report dividend income earned in financial year 2020-21 quarterly,
For income generated during the 2020-21 financial year, the AY will be 2021-22. For income earned from April 1, 2020 to March 31, 2021, the ITR must be filed in the assessment year 2021-2022, the last date of which is usually July 31 of the respective assessment year. if it is not extended by the Government by official notifications.
Form ITR 1 and Form ITR 4 are simpler forms that suit a large number of small and medium taxpayers. ITR 1 can be submitted by a person with an income of up to Rs. 50 lakhs and earning income from the source of sala, household property / other sources (interest, etc.).
Likewise, ITR 4 can be filed by individuals, Hindu Undivided Families (HUF) and companies (other than Limited Liability Companies (LLP)) with a total income of up to Rs. 50 lakhs, plus income from business and profession, calculated in accordance with the provisions on presumptive taxation.
Individuals and HUFs who do not have business or profession income (and are not eligible to file ITR 4) can file ITR-2, while those with business or profession income can file ITR 3.
persons other than individuals, HUF and companies, i.e. partnerships, LLPs, etc., may submit Form ITR 5.
Companies can submit Form ITR 6.
Trusts, political parties, charities, etc., those who claim tax exempt income under the Act can file ITR-7.
Compared to last year, there is no change in the way of sumbittion ITR forms.
Who can submit ITR 1?
ITR 1 is for people who are residents (other than ordinary residents) who have a total income of up to 50 lakhs, who have income from wages, home ownership (individual property), interest income, income for family pensions, etc. ... and farm income up to Rs 5,000. Who Can't File ITR1 Sahaj This is not for a person who is a director of a company or has invested in unlisted stocks, or has any carry forward or carry forward losses under Home Ownership Income, or is required to report under the seventh clause. Section 139 (1) of the Income Tax Act.
Who can file ITR 4?
ITR 4 is for individuals, HUF and companies (excluding LLP) that are residents with a total income of up to 50 lakhs, home ownership (individual property), business and profession income, which is calculated in sections 44AD, 44ADA or 44AE or interest income, family pension, etc. and farm income up to Rs 5,000. Who cannot submit ITR 4-Sugam? It is not intended for a person who is a director of a company or has invested in unlisted stock or has a carry or carry loss under Home Ownership Income.
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