ITR Forms for FY22 Notified

The Central Board of Direct taxes has notified the income tax return forms for fiscal 2021-22, which now also seek information such as income from overseas retirement benefit account for individuals and have a separate schedule to capture details of de ferment of stock options by ITR forms 1-5 that have been notified by the board, ITR-1 (Sahaj) and ITR-4 (Sugam) are simpler forms that cater to a medium tax payer. Sahaj can be filed by an individual having income up to ₹50 lakhs and who receives income from salary, one house property and other sources (interest, etc.) ITR-4 can be filed by individuals, Hindu undivided families and firms with income up to ₹50lakh and having income from business and profession. ITR-3 is for people having income as profits business/profession, while ITR-5 is for limited liability partnerships. In ITR-1, the addition is the need to provide income from any retirement benefit account maintained in a foreign country for the calculation of the net salary.

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