INCOME TAX RETURN
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
