{"id":9236,"date":"2021-04-02T11:41:02","date_gmt":"2021-04-02T11:41:02","guid":{"rendered":"https:\/\/sunkrish.com\/?p=9236"},"modified":"2021-04-29T10:08:56","modified_gmt":"2021-04-29T10:08:56","slug":"key-changes-in-new-itr-forms-for-ay-2021-22","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2021\/04\/02\/key-changes-in-new-itr-forms-for-ay-2021-22\/","title":{"rendered":"Key changes in new ITR forms for AY 2021-22"},"content":{"rendered":"<figure id=\"attachment_3881\" class=\"thumbnail wp-caption alignleft\" style=\"width: 240px\"><a href=\"https:\/\/sunkrish.com\/wp-content\/uploads\/2016\/02\/1-5.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3881\" src=\"https:\/\/sunkrish.com\/wp-content\/uploads\/2016\/02\/1-5.jpg\" alt=\"\" width=\"240\" height=\"180\"\/><\/a><figcaption class=\"caption wp-caption-text\"><em>Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been incorporated in the forms, CBDT said in the notification for the new ITR forms, in view of the ongoing crisis due to COVID-19 pandemic.<\/em><\/figcaption><\/figure>\n<p>Keeping minimum&nbsp;change and&nbsp;with the view to&nbsp;minimise&nbsp;compliance burden,&nbsp;The Central Board of Direct Taxation (CBDT) has notified new income tax return forms \u2014 ITR-1 to ITR-7, &nbsp;for the Assessment Year 2021-22, the ministry of finance said in a&nbsp;statement&nbsp;on April&nbsp;1.&nbsp;&nbsp;<\/p>\n\n\n<p class=\"wp-block-paragraph\">In this new ITR form for AY 2021-22,&nbsp;the taxpayers will now have dedicated space in each of the ITR forms \u2014 Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form ITR-4 (Sugam), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V to describe their investments, CBDT said.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ITR Form&nbsp;1 (Sahaj) and&nbsp;ITR Form 4 (Sugam) are simpler Forms that cater to a large number of small and medium taxpayers.&nbsp;Sahaj can be filed by an individual having income&nbsp;up to&nbsp;Rs&nbsp;50 lakh and who receives income from salary, one house property \/ other sources (interest&nbsp;etc).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly,&nbsp;Sugam&nbsp;can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs) having total income&nbsp;up to&nbsp;Rs 50 lakh and income from business and profession computed under the presumptive taxation provisions.&nbsp;<\/p>\n\n\n<p><a href=\"https:\/\/sunkrish.com\/wp-content\/uploads\/ITR-Forms.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9238 alignright\" src=\"https:\/\/sunkrish.com\/wp-content\/uploads\/ITR-Forms.png\" alt=\"\" width=\"474\" height=\"345\" srcset=\"https:\/\/sunkrish.com\/wp-content\/uploads\/ITR-Forms.png 474w, https:\/\/sunkrish.com\/wp-content\/uploads\/ITR-Forms-300x218.png 300w, https:\/\/sunkrish.com\/wp-content\/uploads\/ITR-Forms-150x109.png 150w\" sizes=\"auto, (max-width: 474px) 100vw, 474px\" \/><\/a><\/p>\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">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.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Persons other than individual, HUF and companies&nbsp;i.e.&nbsp;partnership firm, LLP&nbsp;etc&nbsp;can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions&nbsp;etc&nbsp;claiming exempt income under the Act can file ITR-7.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is no change in the manner of filing of ITR forms as compared to last year, the CBDT said.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key points :<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2666 ITR-1 cannot be filed in case tax has been deducted u\/s 194N<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per, Section 194N &#8211; TDS 194N is required to be deducted if amount of cash withdrawn exceeds \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Exceeds Rs 20 lakhs in case of non-filers of return<\/li><li>Rs 1 crore in all other cases<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">from banking company or co-operative bank or post-office from one or more accounts maintained by taxpayer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If tax has been deducted u\/s 194N, a person can file \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>ITR 2<\/li><li>ITR 3<\/li><li>ITR 4<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2666 TDS deducted u\/s 194N cannot be carried forward to subsequent years.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It means Credit for tax deducted u\/s 194N can be taken in previous year relevant to Assessment year in which tax has been deducted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2666 Option has been given to Individual or HUF as per Section 115BAC<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From A.Y 2021-22 option is available to Individual &amp; HUF whether to opt New Scheme or not. This option for lower tax regime, by foregoing certain exemptions and deductions, is given to Assessees to select new scheme-Section 115BAC and are required to file Form-10IE before filing the return u\/s 139(1).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2666 Change in Schedule 112A-LTCG from sale of equity share or unit of equity oriented fund on which STT is paid.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sale price per share\/unit now added in Schedule 112A, which was not earlier provided.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2666 Dividend also taxable from A.Y 2021-22-<\/strong> As we know Dividend Income taxable from A.Y 2021-22 in hands of Assessee from A.Y 2021-22 so we are required to give quarterly break-up of Dividend received in order to get relief from interest levied u\/s 234C.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2666 Changes in Section 44AB-<\/strong> The threshold limit to get books of account audited increased from Rs 1 crore to 10 crores, if the following conditions are satisfied-<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>His aggregate of all receipts in cash during the previous year does not exceeds 5 % of such receipts.<\/li><li>His aggregate of all payments in cash during the previous year does not exceeds 5 % of such payments<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Keeping minimum&nbsp;change and&nbsp;with the view to&nbsp;minimise&nbsp;compliance burden,&nbsp;The Central Board of Direct Taxation (CBDT) has notified new income tax return forms \u2014 ITR-1 to ITR-7, &nbsp;for the Assessment Year 2021-22, the ministry of finance said in a&nbsp;statement&nbsp;on April&nbsp;1.&nbsp;&nbsp; In this new &hellip; <a href=\"https:\/\/sunkrish.com\/index.php\/2021\/04\/02\/key-changes-in-new-itr-forms-for-ay-2021-22\/\">Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,493,491],"tags":[450,322,455,451,723,295],"class_list":["post-9236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-central-board-of-direct-taxes-cbdt","tag-e-filing","tag-income-tax","tag-income-tax-return-itr","tag-tax-audit","tag-taxation"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/9236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=9236"}],"version-history":[{"count":14,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/9236\/revisions"}],"predecessor-version":[{"id":9299,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/9236\/revisions\/9299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3881"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=9236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=9236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=9236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}