![]() ![]() Now, the employee need not pay tax on exercising the option, i.e. Officials have added two more conditions under which taxpayers can’t file these forms.Īs per the newly notified forms, a person whose tax has been deferred in respect of ESOPs allotted by an eligible startup can’t file ITR 1 or 4. However, there are a few changes that you should be aware of in ITR 1 and 4. Due to the pandemic, it did not introduce any significant changes in the forms. Last week, the I-T department had notified forms for filing tax returns for 2020-21.Įarlier, the income tax department notified tax forms ITR 1 to ITR 7 for assessment year 2021-22. Augmenting simplicity and removing impediments will go a long way in increasing compliance and facilitating good governance," Malhotra added. The government's efforts, to build a favourable tax regime for taxpayers cannot be disregarded. “The utility itself provides help in the form of FAQs, guidance notes, circulars and provisions of the law so as to enable hassle-free return filing. Nangia Andersen India Director Neha Malhotra told news agency PTI, the new utility is a user-friendly functionality for filing of returns and will afford greater ease to the taxpayers. Through the offline utility, taxpayers shall have to download the pre-filled data from the income tax e-filing portal and import the same on the new utility, which enables users to edit and save returns, pre-filled data and profile data. “Once filing is enabled, you can upload the same at e-filing portal," the I-T department added. ![]()
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