CBDT: New Guidelines for Filing Income Tax Returns for AY 2021-22

Notably, in response to the extension of the deadline of ITR forms, The apex body ‘Central Board of Direct Taxes (CBDT) has issued guidelines to assist the taxpayers while filing the particulars/ details during the filing of income tax returns for the assessment year 2021-22. Furthering the episode, The CBDT also mentioned that no significant changes have been made in the format of this year’s ‘Income Tax Return forms’ when compared to the format of last year’s ITR. The reason being, last year also, the country faced COVID Pandemic.

Latest Instructions for Taxpayers of ITR Forms

To begin with Form ITR-1 Sahaj, It is synonymous to its name “Sahaj’ and its literal meaning is simple and user-friendly and is filed by a large number of small and medium taxpayers. Recalling its ambit and scope, this form is filed by an individual having income up to Rs 50 lakh and who receives income from salary, house property, other sources like interest and so on.

Similarly, form ITR-4 Sugam has to be filed by

Individuals,
Hindu Undivided Families (HUFs), and
Firms (excepting limited liability partnerships) with total income up to Rs 50 lakh and income from business and profession computed under the provisions of presumptive taxation.

Coming to ITR-2, it can be filed by those individuals and HUFs that do not earn an income from business or profession and are not eligible for filing ITR-1 Sahaj.

ITR-3 is filed by those taxpayers who earn from business or profession.

Moving to ITR-5, it is filled by Partnership firms, LLPs and so on

And ITR-6 is filled by the companies, Trusts, Political Parties, Charitable Institutions and so on

And lastly, those seeking income tax exemption have to file ITR-7 form

In essence, by following the aforesaid guidelines, fill the Government Exchequer for the growth and development of our country and to run executive, political and judicial machinery.

Download ITR Forms' Instructions for AY 2021-22

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog