INCOME TAX RETURN FILING IN INDIA FOR FY 2021-22
INCOME TAX RETURN FILING IN INDIA
The Income Tax Return filings
in India is an important event
both for the assessee or the taxpayers as well as for the government as Income
tax or Direct taxes are one of the major source of revenue collection
for the government. For individual assessee, the due date for filing Income Tax
Return is 31st July every year unless there is some extension in the
due dates.
Central Board of Direct
Taxes (CBDT) has notified new Income Tax Return Filing forms
for FY 2021-22 or AY 2022-23.
CBDT has released the
offline utility for filing ITR-1 and ITR-4 and the assessee may download the
offline utility from the tax department portal and file the Income tax return.
In this write up, we would be discussing about some points relating to new
ITR-1 and ITR-4 notified by the government.
1)
ITR-1 may be filed by any Resident
individual who is not Not Ordinary Resident and have total income less than Rs.50 lac during FY 2021-22.
2)
ITR-1 may be filed for salary income,
rental income, interest income, and dividend income and agriculture income upto
Rs.5000.etc.
Who
cannot File form ITR-1?
Following
persons cannot file form ITR1 namely,
a. Any
person being director in a company
b. Person
having unlisted equity shares in FY 2021-22
c. Person
having any assets outside India
d. Person
having signing authority in any account located outside India
e. Who
has income from any source outside India
f. In
whose case, tax has been deducted u/s 194N
g. Person
having brought forward loss or loss to be carried forward under any head
3)
ITR-4 may be filed by any Resident who
is either an individual or HUF or a Firm, other than LLP, having total income
upto Rs 50 lac.
4)
Some additional disclosures are required
to be made in the new ITR forms like date of sale and purchase of land and
building. Further, suitable option needs to be selected in support of
residential status of an individual if He is resident and ordinarily resident
in India.
Although
offline utilities have been notified, however, the assessee may not be able to
file Income Tax
Return in the month of April or May
2022 owing to following reasons:
a. It
will take time for all the information regarding the assessee to be fully
populated in form 26AS as well as in Form AIS i.e. Annual Information Statement.
b. Due
date for filing TDS return for quarter ended March 2022 is 31st May
2022 and for downloading form 16/16A is 15th June 2022. Therefore,
in order to get proper tax credit of TDS already deducted, the assessee has to
wait till TDS credit are reflected in form 26AS
Therefore,
one has to wait and watch and collect all the necessary information and
documents before planning for Income
Tax Return filing in India as
doing otherwise, may lead to unnecessary notices from the tax department.
In case you require any information or clarification or any assistance,
you may contact EzyBiz India at www.ezybizindia.in or call at +919899217778
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