The Income Tax Department has notified new Income-tax Return (ITR) forms for the Financial Year (FY) 2018-19 (AY. 2019-20) which contains several additional disclosure requirements compared to previous year’s ITR forms. Here are critical changes in ITR forms to be taken note of by taxpayers while filing tax returns, the deadline for which is July 31, this year:
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., the 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.
An individual who was a director of a company at any time during the relevant period, the taxpayer 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 the name of the company, its PAN, the 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 the 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 the name and the PAN of the buyer, the percentage share in the property and address of the property.