Central Board of Direct Taxes through press release dated 1st April, 2021 has notified new Income Tax Return Forms for Assessment Year 2021-22. 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. Entities not eligible to file Sahaj can file ITR forms:
- 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.
- Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7.
There is no change in the manner of filing of ITR Forms as compared to last year. The new ITR Forms are also notified.
