Bhubaneswar: The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 (FY 2020-21).
To facilitate taxpayers and minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.
As per an official release, ITR Form 1 (Sahaj), ITR Form 4 (Sugam) are simpler forms which cater to a large number of small and medium taxpayers.
Sahaj can be filed by an individual having income up to 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 up to Rs 50 lakh and income from business and profession computed under the presumptive taxation provisions, the statement added.
Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form 5. Similarly, companies can file ITR Form 6. Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7.