CBDT notifies new ITR forms for 2021-22; seeks details for income from abroad

The Income Tax department has notified forms 1-5 for filing I-T returns for 2021-22 fiscal by the Central Board of Direct Taxes (CBDT). The form also seeks details of income from overseas retirement benefit accounts from taxpayers.

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

ITR Form 4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession.