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CBDT notifies all ITR Forms 1 to 7 for AY 2021-22

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CBDT notifies all ITR Forms 1 to 7 for AY 2021-22

G.S.R. 242(E).-In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-

1. Short title and commencement.—(1) These rules may be called the Income-tax (7th Amendment) Rules, 2021.

(2) They shall come into force with effect from the 1st day of April, 2021.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 12, in sub-rule (1), ––

(a) in the opening portion, for the figure “2020”, the figure “2021” shall be substituted;

(b) in clause (a), in the proviso,––

(i) in sub-clause (v), the word “or” shall be omitted;

(ii) after sub-clause (vi), the following sub-clauses shall be inserted, namely:––

“(VII) is a person in whose case tax has been deducted under section 194N; or

(VIII) is a person 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;”;

(c) in clause (ca), in the proviso, after sub-clause (V), the following sub-clause shall be inserted, namely:—

“(VI) 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;.”

3. 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 following Forms shall, respectively, be substituted, namely:—

FORM ITR- 1 Sahaj

FORM ITR-2

FORM ITR-3

FORM ITR-4

FORM ITR-5

FORM ITR-6

FORM ITR-7

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 upto 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 upto 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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