Can't use ITR-1 if TDS paid on high cash withdrawal, say experts

Taxpayers now need to provide quarterly break-up of dividend income earned

The income tax (I-T) department has made the new Income Tax Return (ITR) forms — ITR 1 to ITR 7 — available for assessment year (AY) 2021-22, and taxpayers need to understand the changes incorporated in the new forms before filing returns. 

According to Vivek Jalan of Tax Connect Advisory Services LLP, a multidisciplinary consulting firm, “Most of the changes in the new ITR forms are consequential to the amendments made in the Finance Act, 2020, to the Income Tax Act.” 

Choose a tax regime: From AY 2021-22, the taxpayer has to choose between the new and the old tax regimes. Kapil