The income tax forms for filing of income tax return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. These forms now require new details to be filled in by the taxpayers.
Details like foreign depository accounts, foreign custodial accounts needs to be included in the forms.
“In case of individual assessees, the forms seek elaborate details with regard to their residential status and directorship details,” said an expert.
The forms also seek bifurcation between donation in cash and other mode for Section 80G deduction purposes.
As the new notification, form ITR-1, also known as Sahaj, cannot be used for individual who is director of company or has investment in unlisted equity shares or has income on which TDS (Tax Deducted At Source) has been deducted in other person’s hands.
ITR 1 is meant for individuals having a total income of up to Rs. 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to Rs. 5,000.
As per the latest rule, assesses who are required to file ITR-3 and ITR-6 (companies) will also have to disclose information regarding turnover/gross receipts reported for Goods and Services Tax. Last year, it was applicable only for those assessees filing ITR-4.
ITR-3 is required to be filed by individuals and Hindu Undivided Families (HUFs) having income from profits and gains of business or profession, ITR-6 is meant for the companies other than those claiming exemption under Section 11 of the Income Tax Act.
ITR-6 (for companies) now also inserts new schedules for shareholding of start-ups , shareholding of unlisted company, require extensive detailing in the new assets -liabilities schedule.
ITR-4, also known as Sugam, is meant for individuals, HUFs and firms (other than limited liability partnership) having a total income of up to Rs. 50 lakh and having presumptive income from business and profession.