CBDT has vide Circular No. 26 of 2019 clarified certain issues relating to filing of Forms ITR-5, ITR-6 and ITR-7. The following Questions are addressed.
Question 1: In the Form ITR-6, an unlisted company, other than a start-up, is required to furnish details of shareholding in Schedule SH-1. In a case where shares have been acquired by way of transfer, please clarify how the columns on “Date of allotment”, “Issue price” and “Amount received” should be filled up?
Question 2: Please clarify whether it is mandatory to mention PAN number of shareholder in Schedule SH-1. In a case where shareholder is resident of a foreign country having no PAN, or in case where PAN of shareholder is not available for other practical reasons, it is not possible to fill up PAN of all shareholders in the Schedule SH-1.
Question 3: An unlisted company registered under section 8 of Companies Act 2013 or. Section 25 of the Companies Act 1956 does not have share capital. In such case, how the details required in Schedule-SH-1 are required to be filled up?
Question 4: An unlisted company, other than a start-up, is required to furnish details of assets and liabilities in Schedule AL-1, which is mandatory. A start-up is required to furnish details of assets and liabilities in Schedule AL-2. In a case where the unlisted company/ start-up does not hold any of the assets specified therein as at the end of the previous year, please clarify how the details in Schedule AL-1/Schedule AL-2 should be filled up?
Question 5: An AOP/BOI is chargeable to tax at slab rate. However, while filing return of income in ITR-5, the departmental utility is charging tax at maximum marginal rate?
Question 6: I am a private trust and am trying to file return of income in Form ITR-2. However, I am unable to file ITR-2 for A.Y. 2019-20. ?
Question 7: An investment fund or a business trust is required to file return of income in ITR-5. Please clarify how their income should be shown in Schedule SI etc.?
Question 8: I am a trust registered under section 12A/12AA filing return of income in ITR-7. The amount received as corpus donation should be treated as exempt. However the departmental utility is including this amount as part of total income?
Question 9: I am a trust/society/company claiming exemption under section 10 or section 13A or section 13B and filing return of income in ITR-7. However the departmental utility is charging tax even on the amount shown as exempt income?