The government has notified new Income-Tax Return (ITR) forms for 2018-19. These forms require some additional disclosures from assessees. For instance, the assessee had to only mention taxable income from salary and rent from house property in ITR1 and ITR4, respectively, till last year. However, in the new forms he/she has to provide detailed calcuation of these incomes, said Naveen Wadhwa, tax expert with Taxmann. There are roughly 27 changes in these ITR forms. In accordance with the Finance Act, 2018, ITR7 requires political parties to provide a declaration whether they have received any cash donation in excess of Rs 2,000. A political party loses its tax exemption for donations exceeding Rs 2,000, received in cash or any mode other than cheque, draft or digital transfer. Important changes made in these forms are given in chart:
> Previous ITRs
Assessees have to just mention taxable income in ITR1 and income from property in ITR4
ITRs for 2018-19
Assessees have to provide detail calculation of these incomes
> Previous ITRs
Professionals and small businesses opting for presumptive tax (which does not require maintaining of accounts) are required to provide particulars of total debtors, creditors, total stock-in-trade and cash balance in ITR4
ITRs for 2018-19
ITR4 seeks more financial details of business such as amount of secured/ unsecured loans, fixed assets, capital account, etc
> Previous ITRs
No requirement of GST number for presumptive tax in ITR4
ITRs for 2018-19
ITR4 seeks GSTR number of assessees and turnover as filled in GST forms
> Previous ITRs
No requirement for providing GST details in ITR6 for those whose accounts are not audited
ITRs for 2018-19
ITR6 requires non-audited assessees to provide details of transaction in exempted goods and services from GST, transaction with composite dealers, transaction with registered dealers and total sum paid to them, transaction with unregistered dealers.
> Previous ITRs
No column for GST
ITRs for 2018-19
ITR3, 5 and 6 introduce new columns to report Central GST, State GST, Integrated GST, UT GST paid and refunds received
> Previous ITRs
Individuals filing ITR2, 3 and 4 required to mention their gender
ITRs for 2018-19
No requirement of mentioning gender
> Previous ITRs
No requirement for disclosing balance sheet as per Indian Accounting Standards (IND AS)
ITRs for 2018-19
Those coming under new standards have to disclose balance sheet as per IND-AS in ITR6
> Previous ITRs
No requirement of mentioning income from carbon credits
ITRs for 2018-19
ITRs 2,3,5,6,7 require disclosure of income earned from carbon credits and tax thereon
> Previous ITRs
No requirement for providing details of ownership of unlisted firms in detail
ITRs for 2018-19
ITR6 requires unlisted firms to provide details of all beneficial owners who own at least 10% of voting power directly or indirectly
> Previous ITRs
Taxpayer availing capital gains tax exemptions not required to provide the date of transfer of capital assets
ITRs for 2018-19
Required to mention date in ITRs 2,3,5 and 6
> Previous ITRs
No column for political parties
ITRs for 2018-19
ITR7 requires political parties to provide a declaration by selecting
‘Yes’ or ‘No’ check boxes to confirm whether they received any cash donation in excess of Rs 2,000
> Previous ITRs
Assessees have to just mention taxable income in ITR1 and income from property in ITR4
ITRs for 2018-19
Assessees have to provide detail calculation of these incomes
> Previous ITRs
Professionals and small businesses opting for presumptive tax (which does not require maintaining of accounts) are required to provide particulars of total debtors, creditors, total stock-in-trade and cash balance in ITR4
ITRs for 2018-19
ITR4 seeks more financial details of business such as amount of secured/ unsecured loans, fixed assets, capital account, etc
> Previous ITRs
No requirement of GST number for presumptive tax in ITR4
ITRs for 2018-19
ITR4 seeks GSTR number of assessees and turnover as filled in GST forms
> Previous ITRs
No requirement for providing GST details in ITR6 for those whose accounts are not audited
ITRs for 2018-19
ITR6 requires non-audited assessees to provide details of transaction in exempted goods and services from GST, transaction with composite dealers, transaction with registered dealers and total sum paid to them, transaction with unregistered dealers.
> Previous ITRs
No column for GST
ITRs for 2018-19
ITR3, 5 and 6 introduce new columns to report Central GST, State GST, Integrated GST, UT GST paid and refunds received
> Previous ITRs
Individuals filing ITR2, 3 and 4 required to mention their gender
ITRs for 2018-19
No requirement of mentioning gender
> Previous ITRs
No requirement for disclosing balance sheet as per Indian Accounting Standards (IND AS)
ITRs for 2018-19
Those coming under new standards have to disclose balance sheet as per IND-AS in ITR6
> Previous ITRs
No requirement of mentioning income from carbon credits
ITRs for 2018-19
ITRs 2,3,5,6,7 require disclosure of income earned from carbon credits and tax thereon
> Previous ITRs
No requirement for providing details of ownership of unlisted firms in detail
ITRs for 2018-19
ITR6 requires unlisted firms to provide details of all beneficial owners who own at least 10% of voting power directly or indirectly
> Previous ITRs
Taxpayer availing capital gains tax exemptions not required to provide the date of transfer of capital assets
ITRs for 2018-19
Required to mention date in ITRs 2,3,5 and 6
> Previous ITRs
No column for political parties
ITRs for 2018-19
ITR7 requires political parties to provide a declaration by selecting
‘Yes’ or ‘No’ check boxes to confirm whether they received any cash donation in excess of Rs 2,000
No comments:
Post a Comment