For the earnings earned throughout the economic year 2020-21, the assessment year is 2021-22.
The ITR types for filing earnings tax returns (ITR) for the assessment year 2021-22 has been notified by the government. CBDT has notified all ITR Forms 1 to 7 for AY 2021-22 as per the Notification No. 21/2021 in G.S.R 242(E) dated March 31, 2021. To facilitate taxpayers and to decrease the compliance burden, no substantial adjustments have been created in the ITR Forms this year as compared to final year’s Forms.
For the earnings earned throughout the economic year 2020-21, the assessment year is 2021-22. For the earnings that one earns from April 1, 2020 to March 31, 2021, the filing of ITR has to come about in the assessment year 2021-2022, the final date of which is typically July 31 of the relevant assessment year unless extended by the government.
Who can file ITR 1 Sahaj
The ITR 1-Sahaj is for people becoming a resident (other than not ordinarily resident) possessing a total earnings up to Rs 50 lakh, possessing Income from Salaries, one property house (single ownership), interest earnings, family members pension earnings and so forth. and agricultural earnings up to Rs 5,000.
Who can’t file ITR1 Sahaj
It is not for an person who is either Director in a organization or has invested in unlisted equity shares or has any brought forward / carry forward loss below the head ‘Income from House Property’ or has to furnish return below 7th provision to section 139(1) of the Income Tax Act.
Who can file ITR 4-Sugam
ITR 4-Sugam is for Individuals, HUFs and Firms (other than LLP) becoming a resident possessing total earnings up to Rs.50 lakh, one property house (single ownership), possessing earnings from organization and profession which is computed below sections 44AD, 44ADA or 44AE or Interest Income, Family pension and so forth. and agricultural earnings up to Rs.5,000.
Who can’t file ITR 4-Sugam
It is not for an person who is either Director in a organization or has invested in unlisted equity shares or has any brought forward / carry forward loss below the head ‘Income from House Property’.