Changes in Incometax Return Form, Additional Requirements in Income Tax Return Form

Changes and additional requirement in Income Tax Return Forms for FY 2018-19 (AY 2019-20)

The Income Tax department has notified new Income Tax return forms for individuals and companies for the assessment year 2019-20 financial year 2018-19, with additional details to be filled by the assesse in the form.

Here is a collection of additional requirement, which are notable and details in newly notified Income Tax Return forms for Financial year 2018-19 and Assessment Year 2019-20

  1. Details of Unlisted Equity Shares held in private and public companies
  2. Details of Directorship held in any company 
  3. Details in case of Agriculture Income
  4. Property which is let out and TDS is deducted then PAN of Tenant is compulsory
  5. Turnover/gross receipts reported for Goods and Services Tax
  6. Shareholding of Start up for companies
  7. Manufacturing account details
  8. Expats need to give more info for claiming tax pact relief
  9. Additional Information required in case of NRI
  10. Very Senior Citizen can now have option to file ITR Manually
  11. Details of Buyer of immovable property if sold
  12. Mode of donation payments
  13. Dividend Stripping or Bonus Stripping
  14.  Long Term Capital Gains on Equity
  15. No account maintained case

Agriculture Income:

Agricultural income details will be under high monitor now, as taxpayers may take advantage of showing fake agriculture income. IT return forms of Agricultural income are demanding many details of agricultural land, if farm income exceeds Rs 5 Lakhs.

The details such as,

  • name of district and pin code in which agriculture land is located
  • measurement of agriculture land in acres, if it is owned or leased, if it is irrigated or rain fed

Unlisted Equity Shares:

For the Individuals holding shares in private and public companies which are not listed in stock exchanges need to provide following information

  • Name of Company
  • PAN of Company
  • Opening Balance of Shares (script wise)
  • Opening Balance of Cost of Acquisition (Script Wise)
  • No of Shares Acquired during year
  • Date of Purchase
  • Fair Value of Shares
  • Issue Price per shares
  • Purchase price in case purchase from existing share holders
  • No of shares transfer during year
  • Sale Consideration received
  • Closing Balance of Shares (script wise)
  • Closing Balance of Cost of Acquisition (Script Wise)

The above details are required to be furnished in ITR 2, ITR 3 ITR 5 and ITR 7 (not requried in ITR 1)

Directorship held in any company

Holding of Directorship in any public or private limited company during period 2018-19, are need to provide following details

  • Name of Company
  • PAN of Company
  • If shares are listed or unlisted
  • DIN Number (Director Identification Number)

Rental Income

Property which is

In case you let out your property and earning from rent with TDS deducted, In such cases following are needed to be disclosed in ITR

  • PAN number  and
  • name of tenant

Goods and Services Tax.

Details of Turnover / gross receipts of Goods and Services tax are required to be disclosed for Individuals and HUF having income from business and profession and filing ITR-3 and companies filing ITR-6. Previously, it was only applicable only for those Individuals filing ITR-4. It is notable that, the details to be provided is GSTN number wise.

Shareholding of Start up for companies

ITR-6 includes,

  • schedules for shareholding of start-ups ,
  • shareholding of unlisted company,
  • Details of new assets /liabilities schedule
  • Details of money in foreign accounts, equities and bonds, if any

Manufacturing account details

Details of manufacturing account is necessary including

  • Trading,
  • profit and loss and balances sheet.
  • Opening stock of raw material, consumed and cost of goods produce to be provided.

Expats to provide more info for claiming tax pact relief:

In order to avoid double taxation, Expats claim tax relief in India.

Under double taxation avoidance agreements will now require providing extensive disclosures such as

  • tax identification number of their home country,
  • assets held outside the nation and
  • overseas tax residency certificate.

Additional Information in case of NRI

  • Overseas residential details along with tax identification numbers and
  • residential status in India
  • Overseas Citizens of India /Indian Origin claiming non-resident status in India will be required to report the number of days stayed in the country in the relevant tax year and in the previous four tax years.

Very Senior Citizen opt to file ITR Manually

Individuals age of 80 years or more filing return in ITR 1 or ITR 4 can now file returns manually in physical form. Previously, individuals with income up to 5 lacs filing ITR1 or 4 could alone file paper returns.

Details of Buyer of immovable property

In case you have capital gain on selling any immovable property you required to provide details of the buyer such as,

  • Name of buyer,
  • PAN number,
  • percentage share, and
  • address with pin code.
  • In case of more than one buyer detail share of all buyer is required.

Mode of donation payments

Donations which qualifying for 80G exemption, required to provide additional details such as

  • if the donation is made in cash or
  • other than cash like cheque, NEFT, RTGS etc.

To Know Income Tax Slab rate click here