<p>The Income Tax department has notified forms for filing I-T returns for 2021-22 fiscal, which also seek details of income from overseas retirement benefit accounts from taxpayers.</p>.<p>The Income Tax returns forms 1-5 have been notified by the Central Board of Direct Taxes (CBDT).</p>.<p>ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.</p>.<p>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-4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession.</p>.<p>ITR-3 is filed by people having income as profits from business/profession, while ITR-5 is filed by LLPs.</p>.<p>While the ITR-1 form has been kept broadly the same as last year, the new addition to the form was the inclusion of income from a retirement benefit account maintained in a foreign country for the calculation of net salary.</p>.<p>It also seeks details on whether or not the said retirement benefit account was maintained in a notified country under section 89A of the I-T Act. Taxpayers can also claim relief from taxation under section 89A on this income.</p>.<p>This will pave the way for the government technology team to develop Excel utility well in time, helping the taxpayers for early filings, AMRG & Associates Senior Partner Rajat Mohan said.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>The Income Tax department has notified forms for filing I-T returns for 2021-22 fiscal, which also seek details of income from overseas retirement benefit accounts from taxpayers.</p>.<p>The Income Tax returns forms 1-5 have been notified by the Central Board of Direct Taxes (CBDT).</p>.<p>ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.</p>.<p>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-4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession.</p>.<p>ITR-3 is filed by people having income as profits from business/profession, while ITR-5 is filed by LLPs.</p>.<p>While the ITR-1 form has been kept broadly the same as last year, the new addition to the form was the inclusion of income from a retirement benefit account maintained in a foreign country for the calculation of net salary.</p>.<p>It also seeks details on whether or not the said retirement benefit account was maintained in a notified country under section 89A of the I-T Act. Taxpayers can also claim relief from taxation under section 89A on this income.</p>.<p>This will pave the way for the government technology team to develop Excel utility well in time, helping the taxpayers for early filings, AMRG & Associates Senior Partner Rajat Mohan said.</p>.<p><strong>Watch latest videos by DH here:</strong></p>