New Delhi: The finance ministry has notified new income tax return forms which, among other things, will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year.
The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5. The ITR forms for corporates and trusts (ITR 6 and 7) will be notified later.
ITR-1 form, to be filled by individuals having income up to Rs 50 lakh, has been kept broadly the same as last year. However, the assessee will have to provide information about income from overseas retirement fund while calculating net salary.
The assessee will have to disclose whether the overseas retirement fund is in a notified country.
The ITR-2 form seeks information regarding the interest accrued in provident fund on contribution exceeding Rs 2.5 lakh per annum.
In order to tax high-value depositors in the Employees’ Provident Fund (EPF), the government last year said interest on employee contributions to the provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021. —PTI