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Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. 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.
2. CBDT has revised tax audit report, i.e., Form 3CD. New clauses pertaining to concessional tax regimes, section 43CA and 50C have been inserted. Further, Rule 6G of the Income-tax Rules has been amended to provide that a revised audit report can be furnished , if there is payment by such person after furnishing of report which necessitates recalculation of disallowance under section 40 or section 43B.
3. 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.
4. 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.
5. There is no change in the manner of filing of ITR Forms as compared to last year. The notified ITR Forms are available on http://egazette.nic.in/WriteReadData/2021/226336.pdf.
6. Mandatory use of Accounting Software with Audit Trail by Companies & reporting of the same by Auditor in Audit Report, postponed to FY 22-23 onwards.
7. MCA DIN kyc process has been started for the FY 2021-2022 and the last date for the same is 30.09.2021. Thereafter penalty of Rs 5000 per din will be applicable.
2. CBDT has revised tax audit report, i.e., Form 3CD. New clauses pertaining to concessional tax regimes, section 43CA and 50C have been inserted. Further, Rule 6G of the Income-tax Rules has been amended to provide that a revised audit report can be furnished , if there is payment by such person after furnishing of report which necessitates recalculation of disallowance under section 40 or section 43B.
3. 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.
4. 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.
5. There is no change in the manner of filing of ITR Forms as compared to last year. The notified ITR Forms are available on http://egazette.nic.in/WriteReadData/2021/226336.pdf.
6. Mandatory use of Accounting Software with Audit Trail by Companies & reporting of the same by Auditor in Audit Report, postponed to FY 22-23 onwards.
7. MCA DIN kyc process has been started for the FY 2021-2022 and the last date for the same is 30.09.2021. Thereafter penalty of Rs 5000 per din will be applicable.