CBDT issues a press release on the new income tax return forms AY 2021-2022

Apr 06, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Central Board of Direct Taxes (CBDT) on April 01, 2021 has issued a press release on new income tax return forms AY 2021-2022. 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 (interest etc.).

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.

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. Persons other than 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


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