Deepak Gupta | Apr 5, 2019 |
Quick Analysis of Income Tax Forms Released for AY 2019-20 by CA Rajan Raichura:
CBDT vide notification dated 1st April 2019 amended the Income Tax Rules 1962 and added certain clauses to Rule 12.
All the following ITR forms for AY 2019-20 were notified: These Forms are ITR-1 or Sahaj, ITR-2, ITR-3, ITR-4 or Sugam, ITR-5, ITR-6 and ITR-7. Eligibility criteria of these forms is given below :
| ITR Form Number | Applicable to |
| ITR-1SAHAJ | For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), andagricultural income upto Rs.5 thousand] [Not for an individual who is either Director in a company or has invested in unlisted equityshares] |
| ITR-2 | For Individuals and HUFs not having income from profits and gains ofbusiness or profession |
| ITR-3 | For individuals and HUFs having income from profits and gains of business orProfession |
| ITR-4 SUGAM | For Individuals, HUFs and Firms (other than LLP) being a resident having total incomeupto Rs.50 lakh and having income from business and profession which is computed undersections 44AD, 44ADA or 44AE] [Not for an individual who is either Director in a company or has invested in unlisted equity shares] |
| ITR-5 | For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filingForm ITR-7] |
| ITR-6 | For Companies other than companies claiming exemption under section 11 |
| ITR-7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) |
Additional Reporting a) Additional details for Residential Status (in ITR 2 and 3) 
b) Details of Directorship in Company (in ITR 2 and 3) 
c) Details of holding of Unlisted equity shares at any time during the previous year (in ITR 2, 3, 5 and 7) 
d) Whether located in an International Financial Service Centre and derives income solely in convertible foreign exchange (ITR 3,5 and 6) 
e) Income from House Property To furnish the PAN of the Tenant is mandatory, if tax is deducted under section 194-IB. To Furnish the TAN of the Tenant is mandatory, if tax is deducted under section 194I
f) Income from Capital Gain Full value of consideration adopted as per Section 50C for the purpose of Capital Gain is calculated upto 1.05 times of Value of Property as per stamp valuation authority
g) Schedule FA Details of Foreign Assets and Income from any source outside India Additional reporting
– A2: Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period
– A3: Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity at any time during the relevant accounting period
– A4: Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period
h) PART A P&L is divided into
PART A Manufacturing Account,
PART A Trading Account and PART A P&L.
i) Schedule GST Information regarding turnover / gross receipts reported for GST included now in ITR 3 and ITR 6 also. (Earlier it was in ITR-4 only)
j) In ITR-6 in the case of companies, Date of Commencement of Business to be reported. k) Details of start up in ITR 6 to be furnished 
l) In case of unlisted company, Schedule SH-1 and Al-1 to be furnished 
In Schedule AL-1, following details to be reported
a) Details of building or land appurtenant there to, or both, being a residential house
b) Details of land or building or both not being in the nature of residential house
c) Details of listed equity shares d) Details of unlisted equity shares
e) Details of other securities
f) Details of Capital Contributions in other entity
g) Details of Loans & Advances to any other concern (If money lending is not assessees substantial business
h) Details of motor vehicle, aircraft, yacht or other mode of transport
i) Details of Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art or bullion
j) Details of Liabilities of loans, deposits and advances taken from a person other than financial institution.
Schedule SH-2 and AL-2 is applicable for start-up companies.
This Article has been written by CA Rajan Raichura.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
