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Synopsis of Changes In Income Tax Form For AY 2019-20

Home / Synopsis Of Changes In Income Tax Form For Ay 2019-20
S.No. ITR Form Relevant Change
1 ITR 2, 3
  • If the taxpayer is a director in a company, at any time during the tax year, following details need to be furnished:
  • Name and Permanent Account Number (PAN) of the company
  • Whether shares of the company are listed or unlisted
  • Director identification number
2 ITR 5, 7
  • If the taxpayer is a partner in a firm, then name of the firm and PAN needs to be disclosed separately.
3 ITR 2, 3, 5, 6
  • 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.
4 ITR 2, 3, 5, 6, 7
  • 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.
5 ITR 2, 3, 5, 6
  • 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.
6 ITR 2, 3, 4, 5, 6
  • 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).
7 ITR 2, 3, 5, 6, 7
  • 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
  • Details of Foreign Depository accounts
  • Details of Foreign Custodial accounts
  • Details of Foreign Equity and Debt interest
  • Details of Foreign Cash Value Insurance Contract or Annuity Contract
  • 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