The Central Board of Direct Taxes (CBDT) has notified forms for filing Income tax returns (ITR) for 2021-22 fiscal. The ITRs forms 1-5 have been notified by the Income tax department, seeking also details of income from overseas retirement benefit accounts from taxpayers.
ITR-1 (Sahaj) can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc).
While the ITR-1 form has been kept broadly the same as last year, the new addition to the form was the inclusion of income from a retirement benefit account maintained in a foreign country for the calculation of net salary. Taxpayers can also claim relief from taxation under section 89A on this income.
ITR-3 is filed by people having income as profits from business/ profession. ITR-4(Sugam) can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession, while ITR-5 is filed by LLPs.
ITR Form 1 and ITR Form 4 are simpler forms which cater to a large number of small and medium taxpayers.