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ITR (Income Tax Returns) is a form which summarizes the income of a person where he acknowledges his income and pays tax accordingly.

There are different types of forms. The persons falling under those categories shall file the return in the respective ITR.

ITR and Types of ITRs - A Complete Guide for AY 2021-22

ITR -1 Sahaj

Who Can File this return?

An Individual being a Resident, other than not ordinarily resident.)

What Should be the Income?

Having a Total Income upto Rs 50 lakhs

Source Of Income

Income from Salaries, One  House Property, Income from Other Sources and Agricultural Income up to Five Thousand.

What is New in ITR Sahaj for AY 2021-22?

  1. If TDS under section 194N is deducted, such individuals cannot file ITR 1.
  2. Schedule DI stands to be removed in the new ITR Sahaj.

 ITR-2

Who Can File this return?

Individuals and HUF

Source of Income does not include

Income from Profits and Gains of Business or Profession

What is new in ITR 2 for AY 2021-22

  1. Disclosure in  Part B Of Schedule TTI (Computation of Tax liability on total Income) the deferment of payment or  deduction of tax on ESOPs allotted by an eligible start-up covered under Section 80-IAC.
  2. Addition of a new row in Schedule OS (Income from Other Sources) allow deduction of expenses like interest from the dividend income.
  3. And also a new row to accommodate dividend income taxable in the hands of the unit trust holder.
 

ITR-3

Who Can File this return?

Individuals and HUF

Source of Income

  1. Income from Profits and Gains from Business or Profession.
  2. Income from Salaries
  3. Income from House Property
  4. Income from Capital Gains
  5. Income from Other Sources

What is New in ITR 3 for AY 2021-22?

  1.  In Part-A General Information the taxpayer is given the option to choose alternative option of new tax regime under section 115BAC.
  2. Schedule CG(Income Capital Gains) has been modified to give detailed information on sale price, fair market value, Cost of acquisition.
  3. ITR form allows the taxpayers to enter quarterly details of dividend income so that interest under section 234C can be computed for default in payment of advance tax
  4. The Threshold limit from Rs. 5 Cr to Rs.10 Cr and cash payments less than 5% of the total sales or turnover.

ITR-4 SUGAM

Who Can File this return?

Individuals, HUF and Firms

Except LLP

Source of Income

  1. A Resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.
  2. Salary/pension having income up to Rs 50 lakh
  3. Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head)
  4. Income from Other Sources having income up to Rs 50 lakh except income from horse race and lottery.

What is New in ITR 4 Sugam for AY 2021-22?

There are not many amends to this form.

Except for declaration in Part A to opt the new tax regime under section 115BAC.

 

ITR-5

Who Can File this return?

  1. Firms
  2. LLP
  3. Body Corporate
  4. Estate of Deceased Person and Insolvent
  5. Artificial Judicial Person
  6. Business Trust
  7. Investment Fund
  8. Cooperative Society
  9. Local Authority

Source Of Income

All Heads of Income.

ITR-6

Who Can File this return?

Companies Except companies claiming exemption u/s 11.

Source of Income

  1. Income from House Property
  2. Income from Profits and Gains of Business or Profession.
  3. Income from Capital Gain
  4. Income from Other Sources.

ITR-7

Who Can File this return?

  1. Every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes. 139(4A)
  2. A political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax. 139(4B)
  3. News Agency, Scientific Research Agency, association or institution referred to in section 10(23A);institution referred to in section 10(23B);fund or institution or university or other educational institution or any hospital or other medical institution. 139(4C)
  4.  Every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section. 139(4D)
  5. Every business trust which is not required to furnish return of income or loss under any other provisions of this section. 139(4E)
  6. Investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section. 139(4F)
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