The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. A synopsis of relevant changes have been presented herewith:<\/p>\n
S.No.<\/strong><\/td>\n| ITR Form<\/strong><\/td>\n | Relevant Change<\/strong><\/td>\n<\/tr>\n | 1<\/td>\n | ITR 2, 3<\/td>\n | If the taxpayer is a director in a company, at any time during the tax year, following details need to be furnished:<\/p>\n | \u25ba Name and Permanent Account Number (PAN) of the company<\/p>\n \u25ba Whether shares of the company are listed or unlisted<\/p>\n \u25ba Director identification number<\/td>\n<\/tr>\n 2<\/td>\n | ITR 5, 7<\/td>\n | If the taxpayer is a partner in a firm, then name of the firm and PAN needs to be disclosed separately.<\/td>\n<\/tr>\n | 3<\/td>\n | ITR 2, 3, 5, 6<\/td>\n | Enhanced reporting in case of transfer of immovable property<\/p>\n | – Such as name and PAN of the buyer, address of property and in case of more than one buyer, percentage share and amount of each buyer need to be reported.<\/td>\n<\/tr>\n 4<\/td>\n | ITR 2, 3, 5, 6, 7<\/td>\n | Break-up of certain specified incomes such as dividend income, winning from lotteries, puzzle, races etc, which are taxed under Income From Other Sources (IFOS)- The break-up period, is aligned to the due dates of payment of advance tax.<\/td>\n<\/tr>\n | 5<\/td>\n | ITR 2, 3, 5, 6<\/td>\n | Enhanced reporting in case of transfer of immovable property- Such as name and PAN of the buyer, address of property and in case of more than one buyer, percentage share and amount of each buyer need to be reported.<\/td>\n<\/tr>\n | 6<\/td>\n | ITR 2, 3, 4, 5, 6<\/td>\n | Break-up of monetary donations made in cash and other mode- Monetary donations made by taxpayer and eligible for deduction under section 80G of the Income Tax Laws (ITL) need to be bifurcated between donation made in cash** or in any other mode (like cheque or electronic mode).<\/td>\n<\/tr>\n | 7<\/td>\n | ITR 2, 3, 5, 6, 7<\/p>\n | <\/td>\n Enhanced reporting in relation to foreign assets located outside India- Instead of information about foreign bank accounts held, the new ITR forms require details of following assets held by resident taxpayers at any time during the tax year in Schedule FA dealing with foreign assets and income from any source outside India<\/p>\n | \u25ba Details of Foreign Depository accounts<\/p>\n \u25ba Details of Foreign Custodial accounts<\/p>\n \u25ba Details of Foreign Equity and Debt interest<\/p>\n \u25ba Details of Foreign Cash Value Insurance Contract or Annuity Contract<\/p>\n Under each asset category, there is further reporting requirement such as details of country name and code, name and address of institution, account number, date of opening the account, peak balance during the tax year, closing balance, amount of interest\/ amount paid\/ credit. In case of insurance contract, cash\/ surrender value of contract needs to be reported.<\/td>\n<\/tr>\n 8<\/td>\n | ITR 2, 3, 5<\/td>\n | Enhanced reporting in exempt income schedule<\/p>\n | (a) If net agricultural income exceeds INR 0.5M or<\/p>\n (b) income is not chargeable as per Double Taxation<\/strong><\/a> Avoidance Agreement (DTAA) or<\/p>\n (c) it is pass-through exempt income<\/p>\n \u25ba In the schedule of exempt income, where the net agricultural income exceeds INR 0.5M, following details need to be reported separately for each agricultural land (Also applicable to ITR 6):<\/strong><\/p>\n (i) Name of district along with pin code where agricultural land is situated<\/p>\n (ii) Measurement in acres<\/p>\n (iii) Whether the land is owned or leased and whether it is irrigated or rain fed<\/p>\n \u25ba Further, pass-through income not chargeable to tax and income not chargeable to tax as per DTAA also needs to be specifically reported in the schedule of exempt income.<\/td>\n<\/tr>\n -While computing house property income, taxpayer needs to mandatorily furnish PAN\/ TAN of the tenant if credit for TDS on rent income is claimed by the taxpayer.<\/td>\n<\/tr>\n \u25ba Statement of Profit and Loss has been bifurcated into Manufacturing account, Trading Account and Profit and Loss Account. Certain additional details need to be furnished in the Manufacturing Account such as details of direct wages, direct expenses and factory overheads.<\/td>\n<\/tr>\n Details of gross receipts as bifurcated between receipts through specified banking modes and any other mode to be reported.<\/p>\n In case of company ITR <\/strong><\/p>\n \u25baDate of commencement of business to be disclosed by companies<\/p>\n \u25baLoans and advances given and received-Party wise details along with opening and closing balance, amount received and repaid during the year, rate and amount of interest need to be disclosed.<\/p>\n \u25baLand or building or both (whether residential or not), other assetssuch as motor vehicle, aircraft, yatch, jewelry, archaeological collections, drawings, painting, sculptures or any work of art or bullion-Date and cost of acquisition, purpose of use need to be disclosed.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Disclaimer : <\/strong>This content is meant for information only and should not be considered as an advice or opinion, or otherwise. AKGVG & Associates<\/a><\/strong> does not intend to advertise its services through this.<\/p>\n |