Things to keep in mind while filing ITR

Mumbai: The Income Tax Department has notified new Income-tax Return (ITR) forms for the Financial Year (FY) 2018-19 (A.Y. 2019-20) which contains several additional disclosure requirement compared to previous year’s ITR forms. Here are key changes in ITR forms to be taken note of by taxpayers while filing tax returns, the deadline for which is July 31, this year:

Residential status
Detailed disclosure is required to be made by individual taxpayers with respect to their residential status in India. Taxpayers are now required to select condition based on which their residential status is determined i.e. number of days of stay in India in the relevant tax year and previous years. Additional details such as country of residence, tax identification number (TIN), etc., are required to be reported by non-resident individuals.

Directorship details
An individual who was a director of a company at any time during the relevant period, tax payer will have to furnish information such as Director Identification Number (DIN) and name, PAN and listing details of the company. Partnership details An individual who was a partner in any firm during the relevant tax year will have to furnish name and PAN of such firms.

Disclosure of unlisted shares
Taxpayers holding unlisted equity shares at any time during the relevant tax year will have to furnish information such as name of the company, its PAN, number of shares held, shares acquired/ sold during the year along with their cost of acquisition/ sale consideration, etc.

Turnover details as per GST
Taxpayers having income from business will have to furnish information regarding turnover/ gross receipt reported in the Goods and Services Tax (GST) returns filed. Capital gains In case of capital gains from transfer of immovable property, taxpayers will now have to furnish name and the PAN of the buyer, the percentage share in the property and address of the property.

Agricultural income
In case where net agricultural income exceeds Rs 5 lakh, taxpayers will have to furnish additional information such as location of agricultural land, its measurement, whether owned or held on lease, etc. The new ITR forms will help the tax department to cross-verify data reported by the taxpayers and to keep a check on tax evasion.

(The article is written with inputs from CA Pankaj Jain and CA Chirag Bhandari from TaXtra Consultants)

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