In light of the ongoing COVID pandemic and to make things easier for taxpayers, no significant changes to the ITR Forms have been made in comparison to last year's ITR Forms. Only the bare minimum changes were made as a result of amendments to the Income-tax Act of 1961. In comparison to last year, there has been no change in the way ITR Forms are filed. The assessment year for income earned in the financial year 2020-21 is 2021-22. The ITR must be filed for income earned from April 1, 2020, to March 31, 2021, in the assessment year 2021-2022, with the last date being July 31 of the relevant assessment year unless extended by the government. The assessment year (AY) follows the fiscal year (FY). This is when the income earned during the fiscal year is assessed and taxed. Both the FY and the AY begin on April 1 and end on March 31.
Who can file ITR 1 Sahaj?
The ITR 1-Sahaj is for individuals who are residents and have a total income of up to Rs 50 lakh from salaries, one house property in single ownership, interest income, family pension income, and agricultural income of up to Rs 5,000.
Who can file ITR Form 4 (Sugam)?
Individuals, HUFs, and Firms (other than LLP) who are residents and have total income up to Rs.50 lakh, one house property (single ownership), income from business and profession computed under sections 44AD, 44ADA, or 44AE or Interest Income, Family Pension, and agricultural income up to Rs.5,000 are eligible for ITR 4-Sugam.
Who can file ITR-2?
Individuals and HUFs without business or professional income and thus not eligible to file Sahaj can file ITR-2. A director of any company, as well as anyone who owns unlisted equity shares of a company, will be required to file ITR-2 returns. Individuals who own more than one house property should also file an ITR-2 income tax return. ITR-2 cannot be used by any individual taxpayer who earns money from a business or profession.
Who can file ITR-3?
Those with income from a business or profession can file Form 3 of the ITR. required to file the ITR 3. Individuals who earn money from the following sources are eligible to file ITR 3:
a. Running a business or practising a profession (both tax audit and non-audit cases)
b. Income from a house, salary/pension, capital gains, and income from other sources may all be included in the return.
Who can file ITR-5?
Firms, LLPs, AOPs (Association of Persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of Deceased, Estate of Insolvent, Business Trust, and Investment Fund are all eligible to file this income tax return. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form 5
Who can file ITR-6?
Companies can file ITR Form 6. Companies that are not eligible for an exemption under Section 11 must file their income tax returns in ITR-6 format. Companies that receive income from property held for charitable or religious purposes are exempt under section 11. The Income Tax Department must receive this income tax return electronically and with a digital signature.
Who can file ITR-7?
Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7. When individuals, including companies, fall under section 139(4A), section 139 (4B), section 139 (4C), or section 139 4D, should file an ITR-7 form. It is recommended that taxpayers match the taxes deducted, collected, or paid by or on their behalf with their Tax Credit Statement Form 26AS. The ITR-7 form is divided into two parts with a total of 23 schedules. Part A consists of general information. From the 2019-20 fiscal year onwards, a taxpayer must also provide information on the registration or approval details. Part-B - Outline of total income and tax computations with regard to taxable income.