In a circular dated March 30, 2022, the Central Board of Direct Taxes (CBDT) notified the income tax return (ITR) forms for FY 2021-22. Just as the government kept the income tax slabs unchanged for this financial year, the return forms have also been kept largely unchanged.
ITR-1 can be filed by individuals having total income up to Rs 50 lakh, just like last year. The source of such income for such individuals can include salaries, income from one house property and other sources such as interest income, dividend etc. and an agricultural income up to Rs 5,000.
Individuals opting for this form will have to give their salary break up like salary, perquisite, allowances exempt under section 10 (such as HRA, LTA etc. in case they have opted for old tax regime) etc.
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Those not eligible to fill up this form will include a person who is a director of a company or has invested in unlisted equity shares or income tax on ESOPs is deferred or where TDS has been deducted under section 194N of the Income-tax Act, 1961.
Meanwhile, people who get pension from accounts held in foreign countries and filing ITR1 in India will be needed to fill in additional details. These include details of the retirement benefit account maintained in a notified country under section 89A and retirement account maintained with non-notified countries.
