ITR Form for AY 2021-22 (ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for AY 2021-22): The Central Board of Direct Taxes (CBDT) has notified all ITR Forms 1 to 7 for Assessment Year (AY) 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. In order to facilitate taxpayers and to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms, the Tax Department said in a tweet.
In an official statement today (April 1, 2021), the Ministry of Finance said that keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to the last year’s ITR Forms. “Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.”
ITR Form 1 : Eligibility, Download Link
The Tax Department said 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.).
ITR 1 Form Download Link: You can download the full notification from here
ITR Form for AY 2021-22: ITR-2 Eligibility, Download Link
Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR-2
ITR Form for AY 2021-22: ITR-3 Eligibility, Download Link
Those having income from business or profession can file ITR Form 3.
ITR Form for AY 2021-22: ITR-5 and 6 (ITR-5, ITR-6): Eligibility, Download Link
Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form 5. Companies can file ITR Form 6.
ITR Form for AY 2021-22: ITR-7 Eligibility, Download Link
Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7. Download Link
New Tax Regime
For FY 2020-21 fiscal, the Central government had provided the option to choose a new tax regime under section 115BAC of the Income Tax Act. Under this, the new income tax slabs would apply to individuals not availing or foregoing certain specified deductions or exemptions while computing total income for tax purpose.
Under the new tax regime, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will have to pay 5 per cent tax. The income between Rs 5 and 7.5 lakh will be taxed at 10 per cent. Those between Rs 7.5 and 10 lakh at 15 per cent while those earning between Rs 10 and 12.5 lakh will have to pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. The income above Rs 15 lakh will be taxed at 30 per cent.
