Govt notifies ITR forms for 2021-22; seeks details of income from overseas retirement benefit a/c – Times of India

NEW DELHI: The revenue tax division has notified kinds for submitting I-T returns for 2021-22 fiscal, which additionally search particulars of revenue from abroad retirement profit accounts from taxpayers. The Earnings Tax returns kinds 1-5 have been notified by the Central Board of Direct Taxes (CBDT).
ITR Form 1 (Sahaj) and ITR Type 4 (Sugam) are less complicated kinds that cater to numerous small and medium taxpayers.
Sahaj will be filed by a person having revenue as much as Rs 50 lakh and who receives revenue from wage, one home property and different sources (curiosity, and many others). ITR-4 will be filed by people, HUFs and companies with whole revenue as much as Rs 50 lakh and having revenue from enterprise and career.
ITR-3 is filed by folks having revenue as income from enterprise/ career, whereas ITR-5 is filed by LLPs.
Whereas the ITR-1 type has been stored broadly the identical as final 12 months, the brand new addition to the shape was the inclusion of revenue from a retirement profit account maintained in another country for the calculation of web wage.
It additionally seeks particulars on whether or not or not the stated retirement profit account was maintained in a notified nation below part 89A of the I-T Act. Taxpayers also can declare reduction from taxation below part 89A on this revenue.
It will pave the best way for the federal government expertise staff to develop Excel utility nicely in time, serving to the taxpayers for early filings, AMRG & Associates senior associate Rajat Mohan stated.

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