Know about 30 Changes in new ITR Forms for AY 2021-22 Taxmann’s Editorial Team
The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Forms for the Assessment Year 2021-22 vide Notification No. 21/2021, dated 31-032021. Considering the crisis due to the COVID pandemic, the board has not changed the ITR forms significantly. Most of the new ITR forms changes are consequential to the amendments made by the Finance Act, 2020 to the Income-tax Act. Further, the ITR-1 shall not be available to a taxpayer in whose case the tax has been deducted on cash withdrawal under Section 194N. Further, return filing is also not allowed in ITR-1 or ITR-4 if the tax has been deferred in respect of ESOPs allotted by an eligible start-up. We have scrutinized the new ITR Forms and have identified the key changes in new ITR forms viz-a-viz last year's ITR Forms. These changes have been explained below.
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Taxmann Review Bulletin | April 2021
