The Income Tax Department has announced the availability of forms for submitting Income Tax Returns (ITR) for the fiscal year 2021-22. According to a PTI report, the Central Board of Direct Taxes (CBDT) has notified ITR forms 1-5.
ITR FORM 1 AND 4
ITR Forms 1 (Sahaj) and 4 (Sugam) are simpler forms that serve a significant number of small and medium-sized taxpayers.
An individual with an income of up to Rs 50 lakh from wages, one house property, and other sources can submit a Sahaj (interest, etc).
Individuals, HUFs, and corporations with a total income of up to Rs 50 lakh and income from business and profession can submit ITR-4.
FOMR 3, 5 ITR
ITR-3 is submitted by individuals who earn income from a company or profession, whereas ITR-5 is filed by a corporate body limited liability partnership (LLP).
While the ITR-1 form remained mostly unchanged from the previous year, a new addition to the form was the inclusion of income from a retirement benefits account held in a foreign nation for the purpose of calculating net salary.
It also wants to know if the aforementioned retirement benefits account was kept in a notified nation, as required by section 89A of the I-T Act. Taxpayers can also claim exemption from taxation on this income under Section 89A.
This will open the way for the government IT team to produce an Excel utility in a timely manner, assisting taxpayers with early files, according to AMRG & Associates Senior Partner Rajat Mohan.