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ITR filing for FY 2021-22: Don't know which form applies to you? Check here

The due date to file the ITR for FY 2021-22 is currently July 31, 2022 (for salaried individuals). After this, the taxpayers will be liable for a penalty ranging from Rs 1,000 up to Rs 5,000. This fine has to be paid even if the tax liability is nil.

ET Now Digital

Updated May 31, 2022, 06:52 IST

Taxation

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New Delhi: On March 30 this year, the Central Board of Direct Taxes (CBDT) notified the income tax return (ITR) forms for FY 2021-22 (assessment year 2022-23). This time CBDT has expanded the scope of individuals required to file returns, by including those individuals who meet certain specified criteria/conditions announced via a notification released on April 21, 2022.

Therefore, it is advisable for an individual taxpayer to know which ITR form would apply to them. While the guidelines to file ITR forms for FY 2021-22 have not been released yet, the details based on previous year instructions and ITR forms for FY 2021-22 are as follows:

ITR 1 (Sahaj)

Who is eligible?

* Individual qualifying as Ordinarily Resident

* Having total income of up to Rs 50 lakh

* Having income from salaries, one house property, income from other sources (interest etc.) and agricultural income up to Rs 5,000

* In case of clubbing of income, an individual can file ITR-1 if the income of the other person (whose income the individual is reporting in his ITR) is from sources as mentioned above.

Who is not eligible?

* Non-residents/resident but not Ordinarily Residents

* Hindu Undivided Family (HUF)

* Ordinarily Residents having total income of more than Rs 50 lakh

* Director in a company

* Holding investments in unlisted equity shares

* Having brought forward losses or losses to be carried forward under the head ‘income from house property'

* Having income from any other source, e.g., more than one house property, capital gains, profits or gains of business or profession, winning from lottery

* Holding assets outside India

* Where provisions of Section 194N of the Act are applicable i.e. TDS deducted on cash withdrawals exceeding Rs 1 crore (Rs 20 lakh in certain cases)

* Covered under the tax deferral relief for income from Employees Stock Options (ESOP) available to employees of ‘eligible start-ups’

ITR 2

Who is eligible?

* Non-residents/resident but not Ordinarily Residents and Ordinarily Residents

* Hindu Undivided Family (‘HUF’)

* Having a total income of over Rs 50 lakh

* Director in a company

* Holding investments in unlisted equity shares

* Having income from salaries, more than one house property, capital gains and income from other sources

* Having income from sources outside India and holding assets outside India

Who is not eligible?

Individuals/HUF having business income/income from profession

ITR 3

Who is eligible?

* Individuals/HUF having business income/income from profession

* Partner of a Firm

Who is not eligible?

Persons other than individuals/HUF having business income/income from profession

ITR 4 (Sugam)

Who is eligible?

* Resident Individuals/HUF/Firm (other than LLP) having total income up to Rs 50 lakh

* Having business income/income from profession computed on ‘presumptive basis’

Who is not eligible?

* Having profits or gains from business or profession which are not computed on a presumptive basis

* Other restrictions similar to ITR-1

ITR 5

Who is eligible?

* Any person except individual or HUF or company

* E.g. Firms/LLPs/Association of Persons (AOPs)/business trusts/investment funds

Who is not eligible?

* Individual or HUF or company

* Person required to file ITR-7

ITR 6

Who is eligible?

* Companies other than those filing ITR-7

Who is not eligible?

Companies required to file ITR-7

ITR 7

Persons including companies which are a charitable or religious trust, political party, research association, news agency or similar organizations specified in the Act

It is worth mentioning here that the due date to file the ITR is currently July 31, 2022 (for salaried individuals). After this, the taxpayers will be liable for a penalty ranging from Rs 1,000 up to Rs 5,000. This fine has to be paid even if the tax liability is nil.

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