Vide notification dated 1st April, 2019, the
CBDT has introduced Income Tax (Second Amendment) Rules, 2019. Vide the said
notification the CBDT has notified Income Tax Return (ITR) Forms for the
Assessment Year 2019-2020 (Financial year 2018-2019). In total 7 types of
Income Tax Return Norms are being notified which are being listed herein below
–
ITR
|
CATEGORIES OF PERSON
|
Form ITR-1 SAHAJ
|
Individual being a resident (other than not ordinarily resident)
having total income up to INR 50 Lakhs having income from salaries, one house
property, other sources (Interest etc.) and agricultural income upto INR
5,000.
|
Form ITR-2
|
Individual and HUF not having income from profits and gains of
business or profession.
|
Form ITR-3
|
Individual and HUF having income from profits and gains of business or
profession.
|
Form ITR-4
|
Individual, HUF and Firm (Other than LLP) being a resident having
total income upto INR 50 Lakhs and having income from business and profession which is computed
under section 44AD, 44ADA or 44AE.
|
Form ITR-5
|
Person other than Individual, HUF, company and person filing Form
ITR-7.
|
Form ITR-6
|
Companies other than companies claiming exemption under section 11.
|
Form ITR-7
|
Persons including companies required to furnish return under section
139(4A) or 139(4B) or 139(4C) or 139(4D) only
|
From now onwards, facility of paper filing is available only to those
who are aged more than 80 years at any time during the previous year and who
are furnishing return in Form ITR-1 (SAHAJ) and Form ITR-4 (SUGAM).
HIGHLIGHTING THE ADDITIONS BEING MADE IN ITR FOR THE ASSESSMENT YEAR
2018-2019 –
FORM ITR-1 SAHAJ
Similar to the old format, the gross total income, in the new ITR-1
SAHAJ, is also divided into three section –
·
Section B1 – Salary / Pension;
·
Section B2 – House Property;
·
Section B3 – Income from other sources.
However the same has been made more detailed. In case of house property,
if the individual is owning the house property, he is required to provide
details of the same like whether it is self-occupied, let out or deemed let
out.
It is important to note here that from now onwards, Form ITR-1 SAHAJ
cannot be used by the individual having directorship in any Company or
individual who has invested in unlisted equity share capital or individual who
has claimed deduction u/s 57, other than deduction claimed under clause (iia)
or individual who is assessable for the whole or any part of the income on
which tax has been deducted at source in the hands of a person other than the
assessee.
FORM ITR-2
List of new information inserted in FORM ITR-2 is being detailed
hereunder –
POINT NO. (d) –
Residential Status in India (for individuals)
Earlier only residential status i.e. Resident, Non-Resident or Resident
but Not Ordinarily Resident was to be provided, however, as per the newly
introduced FORM ITR-2 applicable for AY 2019-2020, individual details of the
residential status needs to be provided. The same is detailed hereunder –
A. Resident –
·
You were in India for 182 days or more during the previous year;
·
You were in India for 60 days or more during the previous year, and have
been in India for 365 days or more within the 4 preceding years.
B. Resident but not Ordinarily Resident –
·
You have been a non-resident in India in 9 out of 10 preceding years;
·
You have been in India for 729 days or less during the 7 preceding
years.
C. Non-resident –
·
You were a non-resident during the previous year.
Residential Status in India (for HUF) – Resident / Resident but not
ordinarily Resident / Non-resident. Details of residential status for HUF is
added for the first time.
POINT NO. (H) – NEWLY INTRODUCED DIRECTORSHIP DETAILS –
Whether you were Director in a company at any time during the previous
year?
If yes, following details needs to be provided –
·
Name of the Company,
·
PAN,
·
Whether its shares are listed or unlisted? and
·
Director Identification Number.
POINT NO. (I) – NEWLY INTRODUCED DETAILS OF HOLDING OF UNLISTED EQUITY
SHARES –
Whether you have held unlisted equity shares at any time during the
previous years?
If yes, following details needs to be provided
·
Name of the Company,
·
PAN,
·
Opening Balance,
·
Shares acquired during the year,
·
Shares transferred during the year and
·
Closing balance.
SCHEDULE FA – DETAILS OF FOREIGN ASSETS AND INCOME FROM ANY SOURCE
OUTSIDE INDIA
Additional information needs to be provided with respect to Point A
covering foreign bank account. The information to be provided in older format
as compared to the same to be provided in newer format is being summarized in
the table below –
Older Format
|
New Format
|
A. Details of Foreign Bank Accounts held (including any
beneficial interest) at any time during the previous year.
|
A1. Details of Foreign Depository Accounts held (including any
beneficial interest) at any time during the relevant accounting period.
A2. Details of Foreign Custodial Accounts held (including any
beneficial interest) at any time during the relevant accounting period.
A3. Details of Foreign Equity and Debt Interest held (including any
beneficial interest) at any time during the relevant accounting period.
A4. Details of Foreign Cash Value Insurance Contract or Annuity
Contract held (including any beneficial interest) at any time during the
relevant accounting period.
|
FORM ITR-3
List of new information inserted in FORM ITR-3 is being detailed
hereunder –
POINT NO. (d) –
Residential Status in India (for individuals)
Earlier only residential status i.e. Resident, Non-Resident or Resident
but Not Ordinarily Resident was to be provided, however, as per the newly
introduced FORM ITR-2 applicable for AY 2019-2020, individual details of the
residential status needs to be provided. The same is detailed hereunder –
A. Resident –
·
You were in India for 182 days or more during the previous year;
·
You were in India for 60 days or more during the previous year, and have
been in India for 365 days or more within the 4 preceding years.
B. Resident but not Ordinarily Resident –
·
You have been a non-resident in India in 9 out of 10 preceding years;
·
You have been in India for 729 days or less during the 7 preceding
years.
C. Non-resident –
- You were a non-resident during the previous year.
New introduction of Residential Status in India (for HUF) –
Resident / Resident but not ordinarily Resident / Non-resident.
POINT NO. (H) – NEWLY INTRODUCED DIRECTORSHIP DETAILS –
Whether you were Director in a company at any time during the previous
year?
If yes, following details needs to be provided –
- Name of the Company,
- PAN,
- Whether its shares are listed or unlisted? and
- Director Identification Number.
POINT NO. (I) – NEWLY INTRODUCED DETAILS OF HOLDING OF UNLISTED EQUITY
SHARES –
Whether you have held unlisted equity shares at any time during the
previous years?
If yes, following details needs to be provided –
- Name of the Company,
- PAN,
- Opening Balance,
- Shares acquired during the year,
- Shares transferred during the year and
- Closing balance.
POINT NO. (l) –
Whether assessee is located in an International Financial Service Centre
and derives income solely in convertible foreign exchange? –
PROFIT AND LOSS ACCOUNT –
Earlier Part A- P & L Profit and Loss Account is now divided into
three parts namely –
Part A- Manufacturing Account;
Part A- Trading Account; and
Part A- P & L
SCHEDULE GST – INFORMATION REGARDING TURNOVER / GROSS RECEIPT REPORTED
FOR GST –
Wherein GSTIN Nos. and annual value of outward supplies as per the GST
returns filed needs to be mentioned.
SCHEDULE FA – DETAILS OF FOREIGN ASSETS AND INCOME FROM ANY SOURCE
OUTSIDE INDIA
Additional information needs to be provided with respect to Point A
covering foreign bank account. The information to be provided in older format
as compared to the same to be provided in newer format is being summarized in
the table below –
Older
Format
|
New
Format
|
A.
Details of Foreign Bank Accounts held (including any beneficial interest) at
any time during the previous year.
|
A1.
Details of Foreign Depository Accounts held (including any beneficial
interest) at any time during the relevant accounting period.
A2.
Details of Foreign Custodial Accounts held (including any beneficial
interest) at any time during the relevant accounting period.
A3.
Details of Foreign Equity and Debt Interest held (including any beneficial
interest) at any time during the relevant accounting period.
A4.
Details of Foreign Cash Value Insurance Contract or Annuity Contract held
(including any beneficial interest) at any time during the relevant
accounting period.
|
FORM ITR – 4 – SUGAM –
List of new information / amendment in older one in FORM ITR-4 is being
detailed hereunder –
POINT NO. (A23) –
Whether this return is being filed by a representative assessee?
If yes than following details need to be provided –
- Name of the representative,
- Capacity of the representative,
- Address of the representative and
- Permanent Account Number of the representative.
COMPUTATION OF PRESUMPTIVE INCOME FROM GOODS CARRIAGES UNDER SECTION
44AE –
Following additional information needs to be provided in a tabular
format as reproduced hereunder –
Registration
No. of the goods carriage
|
Whether
owned / leased / hired
|
Tonnage
capacity of goods carriage
|
Number
of the months for which goods carriage was owned / leased / hired by assessee
|
Presumptive
income u/s 44AE for the goods carriage
|
Entire Schedule AL Assets and Liability at the end of the year has been
omitted.
New Schedule 80G Details of Donations entitled for deduction under
section 80G has been inserted.
FORM ITR-5 –
List of new information inserted in FORM ITR-5 is being detailed
hereunder –
POINT NO. (e) – Whether assessee is located in
an International Financial Services Centre and derives income solely in
convertible foreign exchange?
POINT NO. (f) – Whether you are recognized as
start up by DPTT?
POINT NO. (g) – If yes, please provide start
up recognition number allotted by the DPTT.
POINT NO. (h) – Whether certificate from
inter-ministerial board for certification is received?
POINT NO. (i) – If yes, please provide the
certification number.
POINT NO. (m) – Whether you are Partner in a
firm?
If yes, Name of the firm and PAN needs to be provided.
POINT NO. (n) –DETAILS OF HOLDING OF UNLISTED EQUITY SHARES –
Whether you have held unlisted equity shares at any time during the
previous years?
If yes, following information needs to be provided –
- Name of the Company,
- PAN,
- Opening Balance,
- Shares acquired during the year,
- Shares transferred during the year and
- Closing balance
PROFIT AND LOSS ACCOUNT –
Earlier Part A-P & L Profit and Loss Account is now divided into
following three parts –
- Part A-Manufacturing Account,
- Part A-Trading Account and
- Part A-P & L
SCHEDULE RA – DETAILS OF DONATIONS TO RESEARCH ASSOCIATIONS ETC.
(DEDUCTION UNDER SECTION 35(1) (ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA) –
Details of Name and address of the donee, PAN of the donee, Amount of
donation, Eligible amount of donation.
SCHEDULE 80P – DEDUCTIONS UNDER SECTION 80P
SCHEDULE IF – INFORMATION REGARDING PARTNERSHIP FIRMS NEEDS TO BE
PROVIDED –
Following details are to be provided –
- Name of the firm,
- PAN of the firm,
- Whether the firm is liable for audit?,
- Whether section 92E is applicable to firm?
- Percentage share in the profit of the firm,
- Amount of the share in the profit, and
- Capital balance on 31st March in the firm.
SCHEDULE FA – DETAILS OF FOREIGN ASSETS AND INCOME FROM ANY SOURCE
OUTSIDE INDIA
Additional information needs to be provided with respect to Point A
covering foreign bank account. The information to be provided in older format
as compared to the same to be provided in newer format is being summarized in
the table below –
Older
Format
|
New
Format
|
A.
Details of Foreign Bank Accounts held (including any beneficial interest) at
any time during the previous year.
|
A1.
Details of Foreign Depository Accounts held (including any beneficial
interest) at any time during the relevant accounting period.
A2.
Details of Foreign Custodial Accounts held (including any beneficial
interest) at any time during the relevant accounting period.
A3.
Details of Foreign Equity and Debt Interest held (including any beneficial
interest) at any time during the relevant accounting period.
A4.
Details of Foreign Cash Value Insurance Contract or Annuity Contract held
(including any beneficial interest) at any time during the relevant
accounting period.
|
SCHEDULE GST – INFORMATION REGARDING TURNOVER / GROSS RECEIPT REPORTED
FOR GST –
Wherein GSTIN Nos. and annual value of outward supplies as per the GST
returns filed needs to be mentioned.
FORM ITR-6 –
ADDITIONAL INFORMATION UNDER FILING STATUS –
POINT NO. (n) – Whether the company is a
producer company as defined in sec. 581A of Companies Act, 1956?
POINT NO. (p) – Whether you are recognized as
start up by DPIIT?
- If yes, please provide star up recognition number allotted by the
DPIIT
- Whether certificate from inter-ministerial board for certification
is received?
- If yes, provide the certificate number.
- Whether declaration in Form-2 in accordance with para-5 of DPIIT
notification dated 19/01/2019 has been filed before filing of the return?
- If yes, provide date of filing Form-2
PROFIT AND LOSS ACCOUNT –
Earlier Part A-P & L Profit and Loss Account is now divided into
following three parts –
- Part A-Manufacturing Account,
- Part A-Trading Account and
- Part A-P & L.
PROFIT AND LOSS ACCOUNT IND AS –
Earlier Part A-P & L-Ind AS Profit and Loss Account is now divided
into following three parts –
- Part A-Manufacturing Account Ind AS,
- Part A-Trading Account Ind AS and
- Part A-P & L Ind AS
SCHEDULE 80GGA – DETAILS OF DONATIONS FOR SCIENTIFIC RESEARCH OR RURAL
DEVELOPMENT –
Details like Relevant Clause under which deduction is claimed, Name and
address of the donee, PAN of donee, Amount of donation, Eligible amount of
donation.
SCHEDULE RA – DETAILS OF DONATIONS TO RESEARCH ASSOCIATIONS ETC.
(DEDUCTION UNDER SECTION 35(1) (ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA) –
Details of Name and address of the donee, PAN of the donee, Amount of
donation, Eligible amount of donation.
SCHEDULE FA – DETAILS OF FOREIGN ASSETS AND INCOME FROM ANY SOURCE
OUTSIDE INDIA
OURCE OUTSIDE INDIA
Additional information needs to be provided with respect to Point A
covering foreign bank account. The information to be provided in older format
as compared to the same to be provided in newer format is being summarized in
the table below –
Older Format
|
New Format
|
A. Details of Foreign Bank Accounts held (including any
beneficial interest) at any time during the previous year.
|
A1. Details of Foreign Depository Accounts held (including any
beneficial interest) at any time during the relevant accounting period.
A2. Details of Foreign Custodial Accounts held (including any
beneficial interest) at any time during the relevant accounting period.
A3. Details of Foreign Equity and Debt Interest held (including any
beneficial interest) at any time during the relevant accounting period.
A4. Details of Foreign Cash Value Insurance Contract or Annuity
Contract held (including any beneficial interest) at any time during the
relevant accounting period.
|
SCHEDULE SH-1 – SHAREHOLDING OF UNLISTING COMPANY (OTHER THAN A START-UP
FOR WHICH SCHEDULE SH-2 IS TO BE FILED UP)
If you are an unlisted company, please furnish details –
·
Details of shareholding at the end of the previous year;
·
Details of equity share application money pending allotment at the end
of the previous year;
·
Details of shareholders who is not a shareholder at the end of the
previous year but was a shareholder at any time during the previous year.
SCHEDULE SH-2 – SHAREHOLDING OF START-UPS
If you are a start-up which has filed declaration in Form-2 under Para 5
of DPIIT notification dated 19.02.2019, furnish following details of
shareholders –
·
Details of shareholding at the end of the previous year;
·
Details of share application money pending allotment at the end of the
previous year;
·
Details of shareholders who is not a shareholder at the end of the
previous year but was a shareholder at any time during the previous year.
SCHEDULE AL-1 – ASSETS AND LIABILITIES AS AT THE END OF THE YEAR
SCHEDULE AL-2 – ASSETS AND LIABILITIES AS AT THE END OF THE YEAR
(APPLICABLE FOR START-UPS ONLY)
FORM ITR – 7
Point no. (h) – Whether you are Partner in a firm?
If yes, Name of the firm and PAN needs to be provided.
Point no. (i) – Whether you have held unlisted equity shares at
any time during the previous year?
If yes, details like Name of company, PAN, Opening Balance, Share
acquired during the year, Shares transferred during the year and closing
balance needs to be provided.
SCHEDULE IE-1, SCHEDULE IE-2, SCHEDULE IE-3 AND SCHEDULE IE-4 –
Four new schedule has been added relating to Income and Expenditure
account covering various exemptions claimed by assessee. Various details with
respect to the exemptions needs to be provided.
SCHEDULE FA – DETAILS OF FOREIGN ASSETS AND INCOME FROM ANY SOURCE
OUTSIDE INDIA
Additional information needs to be provided with respect to Point A
covering foreign bank account. The information to be provided in older format
as compared to the same to be provided in newer format is being summarized in
the table below –
Older Format
|
New Format
|
A. Details of Foreign Bank Accounts held (including any
beneficial interest) at any time during the previous year.
|
A1. Details of Foreign Depository Accounts held (including any
beneficial interest) at any time during the relevant accounting period.
A2. Details of Foreign Custodial Accounts held (including any
beneficial interest) at any time during the relevant accounting period.
A3. Details of Foreign Equity and Debt Interest held (including any
beneficial interest) at any time during the relevant accounting period.
A4. Details of Foreign Cash Value Insurance Contract or Annuity
Contract held (including any beneficial interest) at any time during the
relevant accounting period.
|
SCHEDULE SH – SHAREHOLDING OF UNLISTING COMPANY
If you are an unlisted company you need to furnish following details –
·
Details of shareholding at the end of the previous year;
·
Details of equity share application money pending allotment at the end
of the previous year;
·
Details of shareholders who is not a shareholder at the end of the
previous year but was a shareholder at any time during the previous year.
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