1. Investment details in unlisted
companies
In case of tax payer is holding shares in an
unlisted company then, they are required to disclose the details of the Holding
in ITR-2, ITR-3 & ITR-4. The details required are extensive i.e.
- name of the company,
- PAN of the company,
- number and cost of acquisition at the beginning
of the year,
- number of shares, face value,
- issue price (or purchase price) and date of
purchase of shares acquired during the year,
- number and sale consideration of shares
transferred during the year,
- number and cost of acquisition of shares held at
the end of the previous year.
2.
Mention of Director
Identification Number [DIN] number
In case the tax payer
is Director of a company, then they will be required to specify their DIN
(Director Identification Number) in ITR-2 or 3 whichever is applicable. Along
with this they need to furnish the following information :
- name of company,
- PAN,
- whether shares are listed or unlisted.
3.
Reporting Salary Income
on Gross Basis
The new ITR forms have
changed the mechanism of reporting of salary income. Now an individual has to
mention his gross salary and then the amount of exempt allowances, perquisites
and profit in lieu of salary shall be deducted or added to arrive at the
taxable figure of salary income. Further, the tax payer also need to give separate
details of all deductions allowable under Section 16, namely:
-
Standard deduction
-
Entertainment allowance
-
Professional tax
4.
Complete
details of buyer to whom you have sold property
If the tax payer has
sold the property in FY 2018-19, then while filing ITR-2, they will be required
to provide complete details of the buyer to whom they have sold the property.
The details need to be given like:
-
Name of the Buyer
-
PAN of the Buyer
-
Percentage share in property
-
Amount
-
Complete Address of the property with PIN
Wadhwa says, "The buyer details have to be
provided irrespective whether the capital gains accrued are of short-term or
long-term in nature. The details of buyer will have to be given if TDS is
deducted by your buyer while making payment."
5.
Online
filing of Tax Return is mandatory for Everybody except Super
senior Citizen [above 80 years].
6.
Changes in reporting of house property
Income / Loss
Specifying the type of house property
While providing details of one house property in
ITR-1, tax payer is required to specify whether the house is - 'Self Occupied',
'Let-out' or 'Deemed Let-out.'
Property wise
details of rent arrears
"While filing
ITR-1 or ITR-2 as applicable, if there are any rent arrears that are received to
the tax payer in FY 2018-19 then it have to report property wise as received.
Say, If an individual has one house property which is let out during FY
2018-19, then the rent received is required to be reported in ITR-1.
7.
Full
disclosure of interest income
The tax payers are required
to specify the full bifurcation details of the interest income or any other
income received. Income from other sources head in ITR-1 has been updated to
provide details of the source from where interest or any other income is
received.
8.
Residential
status
Earlier the Tax payers were required to provide the
details of residential status as resident, resident but not ordinarily resident
or non-resident. From FY 2018-19 they need to provide additional information
with respect to their residential status, such as,
-
number of days of stay in India,
-
jurisdiction of his residence and
-
tax identification number in case he is a non-resident.
9. Identification of Correct ITR Form for Tax Payer
resident and ordinarily resident
(ROR) individuals having total income of up to ₹ 50 lakh, having income from salaries, one house
property, income from other sources and agricultural income up to ₹ 5,000. Non-residents cannot file ITR-1,
irrespective of their source or quantum of income.
-
ITR-2:
Individuals not having income
from profits and gains of business or profession (who cannot use ITR-1).
-
ITR-3:
Individuals having income from
profits and gains of business or profession.
-
ITR-4 (SUGAM):
Individuals, and firms (other
than LLPs), being a resident, having total income up to ₹50 lakh and having income from business and
profession computed under the presumptive taxation scheme.
-
ITR-5 (SUGAM):
For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7
