The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return (ITR) Forms for Assessment Year 2021-22.
The Board notified the Income-tax (7th Amendment) Rules, 2021 which seeks to further amend Income- tax Rules, 1962.
In the Income-tax Rules, 1962 , in rule 12, in sub-rule (1), in the opening portion, for the figure “2020”, the figure “2021” shall be substituted.
After sub-clause (vi), the sub-clauses shall be inserted, namely “is a person in whose case tax has been deducted under section 194N; or is a person in whose case payment or deduction of tax has been deferred under sub-section (2) of section 191 or sub-section (1C) of section 192.”
In the principal rules, in Appendix-II, for Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V the 2 Forms shall, respectively shall be substituted.
Firstly, Form ITR-1 Sahaj is for the individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income upto Rs.5 thousand and not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted under section 194N or if income-tax is deferred on ESOP.
Form ITR-1 Sahaj consists of five parts. Part-A consists of General Information, Part-B consists of gross total income, Part-C consists of deductions and taxable total income, Part-D consists of Computation of Tax Payable and Part-E consists of other Information. This form also consists of details of Advance Tax and Self-Assessment Tax payments and details of TDS/TCS
Secondly, Form ITR-2 is for Individuals and HUFs not having income from profits and gains of business or profession.Subscribe Taxscan AdFree to view the Judgment