New ITR 1 to 7 Forms for AY 2021-22 Issued by CBDT Dept

The CBDT stands for The Central Board of Direct Taxes, and it is a statutory authority functioning under the Central Board of Revenue Act, 1963. Recently, the board notified some new Income Tax Return Forms for the assessment year 2021-22.

It also notified the Income Tax (7th Amendment) Rules, 2021 which is aimed to make further changes in the Income Tax Rules, 1962. In the opening portion of sub-rule (1) in rule 12, In the Income-tax Rules, 1962 the figure 2020 will be substituted by figure 2021.

The sub-clauses mentioning “is a person in whose case tax has been deducted under section 194N; or 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.” will be inserted after sub-clause (vi).

Furthermore, in 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 two Forms shall, respectively shall be substituted.

Here Form ITR-1 Sahaj ITR 1 Form is filed by the taxpayers and the individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to INR 50 lakhs is for the people who are resident (not ordinarily resident) with a total income of Up to Rs 50 lakh, getting Salary, owning a house property, having other sources of income (including Interest, etc.), and also have agricultural income up to Rs.5 thousand. It is not for somebody who is Director in a company or made investment in unlisted equity shares or even in cases where TDS got subtracted as per section 194N or the income-tax on ESOP is deferred.

The Form is a Combination of 5 Parts

• Part-A: General Information,
• Part-B: Gross total income,
• Part-C: Deductions and taxable total income,
• Part-D: Computation of Tax Payable, and
• Part-E: Some other Information.

It also features details of Advance Tax The complete guide to advance tax along with payment calculation, due dates and guidelines. We describe the advance tax payment calculation formula for easy learning. Read more and Self-Assessment Tax payments, along with TDS/TCS details.

The Second ITR form is Form ITR-2, and it is for Individuals and HUFs who don’t have income from profits & gains of business/profession.