The Central Board of Direct Taxes (CBDT) has vide Notification dated 31st March 2021 notified the new Income Tax Return (ITR) Forms which are applicable for the Assessment Year 2021-22.
Vide above Notification the Board has notified the Income-tax (7th Amendment) Rules, 2021 which has amended the Income- tax Rules, 1962 in the following manner:
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 (vii) and (viii) shall be inserted, so as to prescribe that persons in whose case tax has been deducted under section 194N; or persons 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 cannot file Form ITR-1 ‘Sahaj’.
Further it has been prescribed additionally that Form ITR-4 ‘Sugam’ shall not apply to a person who has income of the nature specified in clause (vi) of sub-section (2) of section 17 on which tax is
payable or deductible, as the case may be, under sub-section (2) of section 191 or sub-section (1C) of section 192;.”
Also 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.
Which ITR form is applicable to whom?
The 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-2 is for Individuals and HUFs not having income from profits and gains of business or profession.
The Form ITR-3 is for individuals and HUFs having income from profits and gains of business or
profession.
The Form ITR-4 ‘Sugam’ is for Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE. This form is not for an individual who is either Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP.
The Form ITR-5 is for persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. Further Form ITR-6 is for Companies other than companies claiming exemption
under section 11.
The Form ITR-7 is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
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