Know About 30 Changes In New Itr Forms For Ay 2021 22

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 31-03-2021. 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. Taxmann’s Editorial Team has 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 in the document.

The CBDT has notified the Income-tax Return (ITR) Forms (‘New ITR Forms’) for the Assessment Year 2022-23 vide Notification No. 21/2022, dated 30-03-2022 & Notification No. 23/2022, dated 01-04-2022. Taxmann’s Editorial Board has analysed the new ITR Forms (ITR 1 to 6) and highlighted all key changes and new requirements in current ITR forms viz-a-viz last year's ITR Forms. These changes are explained in this article.

The present 19th edition of the book has been thoroughly revised and enlarged. Salient Features of the Corporate Tax Planning & Management AY 2021-22 & 2022-23 Book: The legal position as amended up to June 2021 is given. Even the last-minute changes in the law have been incorporated in this revised edition of the book and as such, it is the latest and most updated book on Income Tax for the Assessment Year 2021-22. Further, the amendments made by the Finance Act, 2020 and the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, applicable for the Assessment Year 2021-22, have been incorporated in the book. In the chapter on Deduction and Collection of Tax at Source new rates have been included. Also, newly inserted sections 194P, 194Q, 206AB, and 206CCA of the Income Tax Act, applicable from 01 July 2021 have been included in the book. Relief Measures in view of Covid-19 vide CBDT Press Release dated 25th June 2021 have been included in the book. User-friendly examination-oriented style facilitating easy comprehension of each topic. Solved Illustrations and Questions for exercise are the largest in number in comparison to other books on income tax. A simplified, systematic approach to the understanding of a complex subject written in a unique, simple, and easy to understand language. Each topic, after a theoretical exposition, is followed by illustrations to facilitate the students to master the practical application of Corporate Tax Law. The book is useful for the students of all professional examinations like M.B.A., C.A., C.S., ICWA, and M.Com. and the persons who are interested in Tax Planning.

The Central Board of Direct Taxes (CBDT) has notified 7 Income-tax Return (ITR) Forms. These ITR Forms will be applicable for the Income-tax return to be filed in respect of Assessment Year 2020-21. This publication contains 74 important FAQs to assist the taxpayers and tax professionals to file the accurate return of income. Some of the key FAQs are as under: 1. Classification of ITR forms based on Income and assessee; 2. FAQ on how to exercise the option for lower tax regime under section 115BAA and 115BAB; 3. FAQ on how to determine the residential status if assessee couldn’t travel due to Covid-19; 4. FAQ on exemptions and deductions to be available for the expenses or investments made during the extended period; 5. FAQ on TDS Mismatch; 6. FAQ on the taxability of income of a deceased assessee; 7. FAQ on Aadhaar and PAN linking.

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The present 41st edition of the book has been thoroughly revised in the light of the amendments made by The Income Tax Act, 1961; The Income Tax Rules, 1962, (as amended up-to-date); The Finance Act, 2019, the Finance (No. 2) Act, 2019, the Finance Act, 2020 and the Taxation Laws (Amendment) Act, 2019 as applicable to Assessment Year 2020-21 and the Latest Circulars and Notifications of C.B.D.T. The salient features of the book are : The language of the book is simple and lucid. All important aspects of Tax Planning and Management for the Assessment Years 2020-21 and 2021-22 have been included in the book. Small illustrations and examples are given for ticklish law points so as to make them easy and self-explanatory for students to understand the subject. Provisions of Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31.3.2020 have been incorporated in the book. In the chapter ‘‘Deduction and Collection of Tax at Source’’ reduced rates applicable for the period from 14.5.2020 to 31.3.2021 have been incorporated. All important case laws and circulars/notifications reported upto June 2020 have been incorporated. At the end of the book salient features of ‘‘Direct Tax Vivad se Vishwas Act, 2020’’ have been incorporated. More than 500 solved illustrations have been given in various chapters from the questions set for examinations conducted by the various Universities.