Revised ITR forms for filing income tax returns for the financial year 2020-21 have been released. Forms ITR 1 to 7 were released and notified on April 1. Covid’s background has not changed much in form since last year. The only change in the forms is as per the amendments to the Income Tax Act, 1961. Each form has a new investment information section.
ITR Form One (Sahaj) and ITR Form 4 (Sugam) are the most popular. Sahaj should be used by salaried employees and those with an annual income of less than Rs 50 lakh. The same is true for those with other income, including house property and interest. The ITR 4 (Sugam) form is required for individuals earning up to Rs 50 lakh, Hindu Undivided Families, Institutions other than LLPs, and those earning from business and profession.