Government has notified IT return forms for 2020-21

The Central Board of Direct Taxes said on Thursday that the Income Tax Department has notified the forms for filing IT returns for 2020-21.

“In view of the ongoing crisis caused by the COVID epidemic and for the convenience of taxpayers, there has been no significant change in the ITR form as compared to last year’s ITR form.

The Central Board of Direct Taxes (CBDT) said in a statement, “Due to the amendment of the Income Tax Act, 1961, only bare minimum changes have been made.”

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a person with an income up to Rs 50 lakh and who receives income from salary, property of a house / other sources (interest etc.).

Similarly, Sugam was filed by individuals, Hindu undivided families (HUFs) and firms (other than limited liability partnerships (LLPs)) with total income up to Rs 50 lakh and income from business and profession calculated under presumptive taxation provisions. can go.

Individuals and HUFs who do not have income from business or profession (and are not eligible to file Sahaj) can file ITR-2, while those with income from business or profession can file ITR Form 3.

Individuals other than individual, HUF and companies ie partnership firm, LLP etc. can file ITR Form 5. Companies can file ITR-7 by claiming exemption income under ITR Form 6. Trustees, political parties, charitable institutions etc. Act.

CBDT said, “There has been no change in the way ITR forms are filled as compared to last year.”

For the financial year 2020-21, the government gave taxpayers the option to choose a new tax regime under Section 115BAC of the IT Act. The new IT slab will be for individuals who are not availing certain specified deductions or exemptions while computing total income for tax purpose.

Under this, an annual income up to Rs 2.5 lakh is exempt from tax. Individuals who earn from 2.5 lakh to 5 lakh rupees will pay 5 percent tax. Income between 5 to 7.5 lakh will be taxed at 10 percent, while income between Rs 7.5 to 10 lakh will be taxed at 15 percent.

Those earning Rs 10 to 12.5 lakh will pay tax at the rate of 20 percent, while those between Rs 12.5 to 15 lakh will pay at the rate of 25 percent. Income above Rs 15 lakh will be taxed at 30 percent.