Income Tax Department Notifies Forms For Assessment Year 2019-20: 10 Things To Know

Income Tax Department Notifies Forms For Assessment Year 2019-20: 10 Things To Know
Income tax return: In addition to the seven forms, the taxman also provides one form for ITR verification
  1. The forms for filing of income tax return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. These forms now require new details to be filled in by the taxpayers.
  2. As the new notification, form ITR-1, also known as Sahaj, cannot be used for an individual who is director of company, has investment in unlisted equity shares or has income on which TDS (Tax Deducted At Source) has been deducted in another person's hands. Form ITR 1 is meant for individuals having a total income of up to Rs 50 lakh, having income from salaries, one house property, other sources (such as interest), and agricultural income up to Rs 5,000. 
  3. According to Amit Maheshwari, partner, Ashok Maheshwary & Associates LLP, the amended forms seek comprehensive details regarding unlisted equity shares holding.
  4. These forms expand the scope of details of foreign assets and income from any source outside the country. Details such as foreign depository accounts and foreign custodial accounts need to be included now.
  5. "In case of individual assessees, the forms seek elaborate details with regard to their residential status and directorship details," said Mr Maheshwari.
  6. The forms also seek bifurcation between donation in cash and other mode for Section 80G deduction purposes.
  7. As per the latest rule, assesses who are required to file ITR-3 and ITR-6 (companies) will also have to disclose information regarding turnover/gross receipts reported for Goods and Services Tax. Last year, it was applicable only for those assessees filing ITR-4.
  8. While ITR-3 is required to be filed by individuals and Hindu Undivided Families (HUFs) having income from profits and gains of business or profession, ITR-6 is meant for the companies other than those claiming exemption under Section 11 of the Income Tax Act.
  9. ITR-6 (for companies) now also inserts new schedules for shareholding of start-ups , shareholding of unlisted company, require extensive detailing in the new assets -liabilities schedule.
  10. ITR-4, also known as Sugam, is meant for individuals, HUFs and firms (other than limited liability partnership) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
(With agency inputs)
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