ITR-1 form, to be filled by individuals having income up to Rs 50 lakh.
New Delhi: The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5. The ITR forms for corporates and trusts (ITR 6 and 7) will be notified later.
ITR-1 form, to be filled by individuals having income up to Rs 50 lakh. ITR-2 form is filed by individuals and Hindu Undivided Family (HUF) not having income from business and profession.
ITR-3 is filed by people having income as profits from business/ profession, while ITR-5 is filed by LLPs. ITR-4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession.
Read More: New income tax forms: Changes and other details in ITR forms for 2021-22
Here are 5 big points regarding Income tax forms for 2021-22 that the salaried class should know
1. ITR-1 form has been kept broadly the same as last year.
2. However, the assessee will have to provide information about income from overseas retirement fund while calculating net salary. The assessee will have to disclose whether the overseas retirement fund is in a notified country.
3. The ITR-2 form seeks information regarding the interest accrued in provident fund on contribution exceeding Rs 2.5 lakh per annum. In order to tax high-value depositors in the Employees’ Provident Fund (EPF), the government last year said interest on employee contributions to the provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021.
Read More: What does income tax notice for high value transactions imply?
4. The assessee would be required to provide additional information on dividend income, and dividend income chargeable at Double Taxation Avoidance Agreement (DTAA) rates.
5. Since the current ITR forms do not mention about taxation for cryptocurrencies at all, there is still a lot of ambiguity about how the incomes from cryptos shall be reported for FY 2021-22.
