New Income Tax Return Forms: All you need to know for AY 2021-22!
The assessment year (AY) for income earned in the financial year (AY) 2020-21 is 2021-22.
While the pandemic has massively hit the lives, keeping this nefarious situation in mind, there is a wave of relief that has sprung up in order to ease the burden of the taxpayers. In comparison to the financial year 2020-21, there haven’t been any significant altercations made in the procedures of filing an ITR.
Since the financial year has begun on the April 1, 2021, the forms for filing ITR’s have been released. The assessment (AY) year for income earned in the financial year (FY) 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.
According to the press release issued by the Central Board of Direct Taxes (CBDT), “Keeping in view the ongoing crisis due to the Corona pandemic and to facilitate the taxpayers, no significant change has been made to the ITR forms in comparison to the last year’s ITR forms. Only the bare minimum changes necessitated due to the amendments in the Income-tax Act, 1961 have been made,” as quoted by The Economic Times.
Here’s the related description:
- ITR-1 could be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The source of income must be salaries, one house property, interest incomes, agriculture incomes, etc.
- ITR-2 is for the ones who have income from capital gains/losses or have more than one house property.
- ITR-3 has to be filled by the individuals who earn income through businesses or professions.
- ITR-5 is not for individuals. It has to be filled by partnership firms or LLP.
- ITR-6 has to be filed by artificial persons like companies, partnership firms, etc.
- And, ITR-7 is in accordance with trusts, political parties, charitable institutions, etc.