New e-filing website for Income tax will be available today and people will be able to file their Income tax return. However as of now only ITR 1, 2 and 3 might be available for filing of Income tax return and later all other ITR’s will be available as was mentioned in the Press release.
However, we would not recommend everyone to file Income tax return before 15.07.2021 and we shall discuss about it’s reason in a future post.
Now, the instructions for filing the ITR of AY 2021-22 are available and these instructions help a lot to understand the meaning and requirement of a particular schedule of ITR and whether one is required to file that or not.
Now let’s one by one understand in brief who can file which ITR and then let’s have a look at the instructions:
Who can file ITR 1: This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the Assessment Year 2021‐22 does not exceed Rs. 50 lakh and who has income under the following heads:‐
(a) Income from Salary/ Pension; or
(b) Income from One House Property; or
(c) Interest income and/ or family pension taxable under Other Sources.
There are also various persons who are not eligible to file ITR 1 even if they fulfill the above conditions and to understand that read full instructions.
Who can file ITR 2: This Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR‐1 (Sahaj) and who is not having any income under the head “Profits or gains of business or profession”.
Who can file ITR 3: This Return Form is to be used by an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession” and who is not eligible to file Form ITR‐1 (Sahaj), ITR‐2 or ITR‐4 (Sugam).
Who can file ITR 4: This Return Form is to be used by an individual or HUF, who is resident other than not ordinarily resident, or a Firm (other than LLP) which is a resident, whose total income for the assessment year 2020‐21 does not exceed Rs.50 lakh and who has income under the following heads:‐
(a) Income from business where such income is computed on presumptive basis under Section 44AD (i.e. Gross Turnover upto Rs. 2 crore) or Section 44AE (income from goods carriage upto ten vehicles); or
(b) Income from Profession where such income is computed on presumptive basis under Section 44ADA (i.e. Gross receipt upto Rs. 50 lakh); or
(c) Income from Salary/ Pension; or
(d) Income from One House Property; or
(e) Interest income and / or income from family pension taxable under Other Sources.
There are also various persons who are not eligible to file ITR 1 even if they fulfill the above conditions and to understand that read full instructions.
Who can file ITR 5: This Form can be used by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), local authority referred to in clause (vi) of section 2(31), representative assessee referred to in section 160(1)(iii) or (iv),Primary Agricultural Credit Society, Co‐operative Bank other than a primary agricultural credit society or a primary co‐operative agricultural and rural development bank, Primary Cooperative Agricultural and Rural Development bank, any other cooperative society, society registered under Societies Registration Act, 1860 or under any other law of any State, trust other than trusts eligible to file Form ITR‐7, estate of deceased person, estate of an insolvent, business trust referred to in section 139(4E) , investments fund referred to in section 139(4F) and Any other AOP /BOI.
Who can file ITR 6: This Return Form can be used by a company as per section 2(17) of the Income Tax Act, This form is filed by company other than a company which is required to file return in Form ITR‐7.
Who can file ITR 7: This Return Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
To understand more about ITR 7 read instructions below.
In total the instructions are of 988 pages but we have tried providing you with individual instructions of each ITR so that it’s easy to search anything and you can download whichever instructions you want.
If you need any expert assistance or need professional to file Income tax return for you then CLICK ME.
To download Instructions of ITR 1 for AY 2021-22 CLICK ME.
To download Instructions of ITR 2 for AY 2021-22 CLICK ME.
To download Instructions of ITR 3 for AY 2021-22 CLICK ME.
To download Instructions of ITR 4 for AY 2021-22 CLICK ME.
To download Instructions of ITR 5 for AY 2021-22 CLICK ME.
To download Instructions of ITR 6 for AY 2021-22 CLICK ME.
To download Instructions of ITR 7 for AY 2021-22 CLICK ME.
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