CBDT has notified the income tax return formats for AY 2019-20.
The Income-tax (Second Amendment) Rules, 2019 have been issued notifying the new formats of ITRs for AY 2019-20
By Notification No. 32/2019, many changes have been made in various ITRs. Notable changes are as under:
|
Directorship in companies required Additional information on Residential Status Details of holding of Unlisted equity shares Manufacturing Account to be given for business or profession Information on GST turnover / gross receipts incorporated in ITR 3 / ITR 6 apart from ITR-4 Details of start up to be given in ITR – 6 |
The applicability of various ITRS is as under:
| ITR | Applicability |
| ITR-1 SAHAJ | 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.), and agricultural income upto Rs.5 thousand]
[Not for an individual who is either Director in a company or has invested in unlisted equity shares] |
| ITR-2 | For Individuals and HUFs not having income from profits and gains of business or profession |
| ITR-3 | For individuals and HUFs having income from profits and gains of business or Profession |
| ITR-4 SUGAM | For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 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 filing Form 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) |
Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…
Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In…
FAQs on key accounting implications arising from the New Labour Codes Recently, Government consolidated existing labour laws into four new…
Filing audit report in Form 10CCB within due date is mandatory. The assessee cannot claim deduction u/s 80-IA(7) he ground…
CSR expenditure of companies is allowable under section 80G unless fall under the two exceptions specified. In a recent judgment,…
Jurisdiction of ITAT is determined not by the place of business or residence of assessee but by the location of…