The Central Board of Direct Taxes (CBDT) has notified new income tax return (ITR) forms for the assessment year 2021-22, said an official release issued by the Ministry of Finance on April 1. “Keeping in view the ongoing COVID-19 crisis and to facilitate the taxpayers, no significant change have been made to the ITR forms in comparison to the last year’s ITR forms,” the CBDT said. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made, the statement added.

“ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that 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. 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 press release added.

• L&T Shares Trade With Nominal Losses Despite Securing Orders 
• Daily vs Weekly SIP: Which Can Supercharge Your Portfolio to the Million-Mark?
• Rail Vikas Nigam Shares Take a Hit Despite Rs 165 Crore Order 
• Lupin Shares Gain 1% as Unit Receives EIR Status from USFDA
• Glenmark Unit Signs Exclusive NSCLC Drug Pact with Hansoh Pharma; Shares Drop 1%

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, it further stated. “Persons other than an 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,” the statement noted.