Government notifies new income tax return forms

The Central Board of Direct Taxes (CBDT) on Thursday notified new income tax return forms for Assessment Year 2021-22 (Fiscal Year 2020-21).

Though salaried people are supposed to file returns by July 31 and then there is separate dates for others, there is no indication about any change as of now in the notification.

“Keeping in view the ongoing crisis due to Covid pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to the last year’s ITR Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made,” CBDT said in a statement.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income up to ₹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 ₹50 lakh and income from business and profession computed under the presumptive taxation provisions.

Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR-2 while those having income from business or profession can file ITR Form 3. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7.

“There is no change in the manner of filing of ITR Forms as compared to last year,” CBDT said.

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