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

The Income Tax department has finally & almost timely notified new Income Tax return forms for individuals and companies for the assessment year 2019-20 financial year 2018-19.

As expected, many additional details are asked from assesee to be filled in the form.

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

1) Details in case of Agriculture Income

Agricultural income will be under high scanner now. Lot many taxpayers are taking advantage of showing fake agriculture income. Now IT return forms are asking many agricultural land details if farm income exceeds Rs 5 Lakhs. If you are earning agriculture income, you need to provide 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

2) Details of Unlisted Equity Shares held in private and public companies Many individuals are holding share in private limited companies and public limited companies which are not listed in stock exchanges. Now every individual who is holding, transferring or sold any unlisted share need to provide following information

Sr No/  Information asked in Income Tax Return Forms

1.Name of Company

2. PAN of Company

3  Opening Balance of Shares (script wise)

4  Opening Balance of Cost of Acquisition (Script Wise)

5 No of Shares Acquired during year

6 Date of Purchase

7 Fair Value of Shares

8 Issue Price per shares

9 Purchase price in case purchase from existing share holders

10 No of shares transfer during year

11 Sale Consideration received

12 Closing Balance of Shares (script wise)

13 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)

3) Details of Directorship held in any company

If you are holding directorship in any company (public or private) during period 2018-19, you need to provide following additional information

 Sr No / Information asked in Income Tax Return Forms

1 Name of Company

2 PAN of Company

3 If shares are listed or unlisted

 4 DIN Number (Director Identification Number)

4) Property which is let out and TDS is deducted then PAN of Tenant is compulsory

In case you are earning rental Income, and the amount of rent earning is more than 50K per month, in that case individual and HUF might have deducted TDS @5% by filing form 26QC (even in case they don’t have TAN number or applicable). In such cases PAN number  and name of tenant needs to be disclosed in ITR

5) Turnover/gross receipts reported for Goods and Services Tax.

Those filing ITR-3 (Individual and HUF having income from business and profession) and ITR-6 (companies) are now required to disclose information regarding turnover / gross receipts as per Goods and Services Tax . Last year, it was only applicable only for those assessees filing ITR-4. The detials to be provided is GSTN number wise separately.

6) Shareholding of Start up for companies

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. Further taxpayers would have to share details of money in foreign accounts, equities and bonds.

7) Manufacturing account details

Details of manufacturing account is required along with Trading, profit and loss and balances sheet. Opening stock of raw material, consumed and cost of goods produce to be provided.

8) Expats need to give more info for claiming tax pact relief

Expats who claim tax relief in India under double taxation avoidance agreements will now have to provide extensive disclosures such as tax identification number of their home country, assets held outside the nation and overseas tax residency certificate.

9) Additional Information required in case of NRI

Overseas residential details along with tax identification numbers and residential status in India will also need to be provided. Overseas Citizens of India and Persons of 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.

10) Very Senior Citizen can now have option to file ITR Manually

Individuals age of 80 years or more and filign return in ITR 1 or ITR 4 can now file returns manually in physical form. Earlier individuals having income upto 5 lacs filing ITR1 or 4 could file paper returns.

11) Details of Buyer of immovable property if sold

In case you have sold any immovable property and have capital gains from such property, you need to provide details of name of buyer, his PAN number, percentage share, and address with pin code. In case of TDS is deducted in section 194IA then PAN is mandatory to be furnished. In case of more than one buyer detail share of all buyer is required.

12) Mode of donation payments

In case you have made any donation which is qualifying for 80G exemption, then you need to provide additional details if donation is made in cash or other than cash like cheque, NEFT, RTGS etc.

13) Dividend Stripping or Bonus Stripping

If a security bought / acquired within 3 months of record date of bonus / dividend then loss on such security to be ignored at the time of sale to be disclosed separately

14) Long Term Capital Gains on Equity