1. ITR FORM A.Y. 2019-20 KEY CHANGES
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ITR FORM A.Y KEY CHANGES
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2. OBJECTIVE OF AMENDMENTS IN ITR FORMS
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OBJECTIVE OF AMENDMENTS IN ITR FORMS
To incorporate the changes made by the Finance Act, 2018
To seek additional disclosures
Information that deals with Tax Litigation
Information that leads to detection of Tax Avoidance
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3. Additional disclosures
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4. If Agricultural Income exceeds Rs. 5 Lakh
AGRICULTURALIST
Relevant Forms: ITR-2,3,4,5
If Agricultural Income exceeds Rs. 5 Lakh
Furnish:
1. Name of District (with PIN Code) where agricultural land is located
2. Measurement of agricultural land in acre
3. Whether agricultural land is owned or held on lease
4. Whether agricultural land is irrigated or rain-fed
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5. Whether its shares are listed or unlisted
INDIVIDUAL DIRECTOR
Relevant Forms: ITR-2,3,4
If assessee is a Director in a company at any time during the previous year, following information are to be furnished:
PAN
DIN
Whether its shares are listed or unlisted
Name of the Company
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6. ASSESSEES HOLDING INVESTMENT IN UNLISTED EQUITY SHARES (AT ANY TIME)
Relevant Forms: ITR-2,3,4,5,6,7
Investment in Unlisted equity shares
Name of Company, PAN
Opening and Closing Balance
Shares acquired during the year (Date of subscription, number, face value, issue price, Purchase price)
No. of Shares transferred during the year and the Sales Consideration for such transfer
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7. UNLISTED COMPANIES Relevant Form: ITR-6 Shareholders’ detail
Name, Category and PAN of Shareholder
Date of Allotment, Type of Share, Number of Shares
Face Value , Issue Price, Paid Up Value per share and Share Premium
Previous shareholders who ceased to be shareholder
Date on which ceased to be Shareholder
Mode of Cessation
In case of transfer, PAN of New Shareholder
Share Application Money pending allotment detail
Proposed issue price
Share Application Money
Share Application Premium
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8. START-UPS Check on 80IAC Deduction Eligibility:
Relevant Forms: ITR 5,6
Eligibility Criteria for Startup Recognition:
Incorporated as a Private Limited Company or registered as a Partnership Firm or a Limited Liability Partnership,
Turnover less than INR 25 Crores,
Working towards innovation/ improvement of existing products, services and processes,
Potential to generate employment/ create wealth
Check on 80IAC Deduction Eligibility:
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9. UNLISTED COMPANIES Relevant Form: ITR 6
Address, Pin Code, Date and Cost of Acquisition and Purpose for it is used.
Land and Building
Name of Company, Opening and Closing balance, Shares acquired and transferred during the year
Listed/Unlisted equity shares/ Other Securities
Name, PAN of person, Opening balance, amount received and paid, interest debited, rate of interest etc.
Loans and advances
Registration number, cost and date of acquisition, purpose etc.
Motor vehicles, Jewellery, archaeological collection etc.
Name of the person, PAN, Opening balance, amount received and paid, interest credited, Closing balance
Liabilities
Name, PAN of entity, Amount contributed and withdrawn during the year
Amount of Profit/Loss and closing balance
Capital Contribution
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10. Name, Address, PAN, TIN and Country of residence of parent company.
OTHER CHANGES
Foreign Companies to report about their ultimate and immediate parent company :
Name, Address, PAN, TIN and Country of residence of parent company.
[ITR 6]
Reporting of profit on conversion of Inventory into Capital Asset (Sec 28).
[ITR 3,5,6]
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11. NON-RESIDENTS Number of days of stay in India
Jurisdiction of residence
Tax Identification Number
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12. Data Safety
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13. COMPARISON WITH FORM 3CD
Particulars
ITR
Form 3CD
Shareholding details required  ×
Details of Loans given
Details of Loans taken
Investment in Unlisted Equity Shares
Disallowance u/s 14A
Reporting by Start-up Companies
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14. Changes w.r.t each Head of Income
House Property
Salary
Capital Gain
Business and Profession
Other Sources
House Property
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15. CHANGES- SALARY
Reporting of Gross Salary, Amount of exempt allowances, Perquisite and Profit in lieu of Salary.
Furnishing of TAN of employer is mandatory if TDS is deducted on salary income.
Relevant Forms: ITR-1,2,3,4
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16. Now three options are available for selecting “type of property”:
CHANGES - HOUSE PROPERTY
Relevant Forms: ITR-1,2,3,4,5,6,7
Arrears/Unrealized Rent received during the year is to be reported property-wise.
Now three options are available for selecting “type of property”:
a) Self Occupied Property
b) Let-out
c) Deemed let out
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17. CHANGES - BUSINESS/ PROFESSION
Relevant Forms: ITR-3,5,6
In new ITR forms, in place of existing Part A P&L, following new Parts have been inserted:
a) Manufacturing Account
b) Trading Account
c) Profit & Loss Account
Reporting of Name, Address and PAN of the Debtor in case of Bad Debt (More than Rs. 1,00,000/- )
If there is income from Speculative activities furnish:
a)Turnover from Speculative activities
b)Gross Profit,
c)Expenditure
d)Net Income from speculative activities
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18. Reporting of Disallowance u/s 14A
CHANGES – BUSINESS / PROFESSION
Additional Disclosures
Separate reporting is required for income generated from partial agricultural and partial business operations. (Rule 7A,7B and 8 of Income Tax Rules)
Turnover as per GST Return and the GSTIN Number of the assessee is to be reported
Reporting of Disallowance u/s 14A
If an assessee is liable to Audit under any act other than the Income-Tax Act, then assessee has to mention the Act, Section and Date of furnishing the Audit Report
If assessee is not liable to maintain books of accounts u/s 44AA, furnish: Gross Receipt ,Gross Profit, Expense and Net Profit
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19. Separate reporting of interest paid to partners by firms
CHANGES – BUSINESS / PROFESSION
Earlier requirement of Reporting Deleted
Reporting of business transactions with registered and unregistered suppliers (under GST)
Separate reporting of interest paid to partners by firms
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20. CHANGES - CAPITAL GAINS
Relevant Forms: ITR-2,3,5,6
Transfer of Immovable property
Furnishing of information of Buyer is mandatory
Name and PAN
Percentage share in case of joint buyer
Address and Pincode of the property
Amount
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21. CHANGES - INCOME FROM OTHER SOURCES
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CHANGES - INCOME FROM OTHER SOURCES
Relevant Forms: ITR-2,3,4,5,6,7
Taxable amount of recognized PF need to be reported assessment year wise along with:
a) Income benefit
b) Tax benefit
Mandatory to specify nature of each taxable Income.
Disclosure of deduction claimed for Family Pension u/s 57(ii)(a)
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22. CHANGES - INCOME FROM OTHER SOURCES
Relevant Forms: ITR-2,3,4,5
Separate Reporting of Interest Income:
Saving bank deposits
Deposits (i.e., fixed deposits, etc.)
Income-tax Refund
In the nature of pass through income
Others
Disclosures of:
a) Accrual or receipt of dividend income taxable under Section 115BBDA
b) Income by way of winnings from lotteries, crossword puzzle etc.
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23. CHANGE- DEDUCTION/EXEMPTIONS
Specific disclosure for deduction u/s 80GGA with following information:
a) Relevant Clause under which deduction is claimed
b)Name, Address and PAN of donee
c) Amount of donation made in Cash and in other mode
Reporting of donation u/s 80G
a) Donation made in cash
b) Donation made by other mode
Deduction u/s 10AA is to be allowed from Total Income of Assessee and not from the Total Income from the Eligible Undertaking
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24. CHANGE- PRESUMPTIVE TAXATION
Additional Information u/s 44AD/44ADA/44AE is to be furnished:
a) Name of business
b) Business code
c) Description of business
Separate schedules to report income taxable on presumptive basis u/s 44AD, 44ADA, 44AE.
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25. Changes pertaining to
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26. CHANGES - TRUSTS
Details of registration under any other law also required to be furnished.
Reporting of Income not eligible for Section 11 exemption due to violation of Section 13(1)(c)/(d)
Separate fields for claiming exemption u/s 10(23AAA), 10(23EC), 10(23ED), 10(23EE) have been inserted.
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27. CHANGES - TRUSTS
Schedule AI, ER and EC to be filed by trust/institutions claiming exemption u/s 11, 12, 10(23C)
Schedule EC and ER require more details about expenditure incurred towards objects of trust / institution
Schedule ER has been bifurcated into two categories viz.
a) Establishment and Administrative Expenses,
b)Expenses incurred towards objects of institution
Further, separate segment has been incorporated in Schedules ER and EC for Source of Funds:
a) Income derived from the property/income earned during previous year
b) Income deemed as application in any preceding year
c) Income of earlier years up to 15% accumulated or set apart
d) Borrowed fund
e) Others
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28. CHANGES - TRUSTS
MAT Reporting is not applicable as the schedule has been removed.
- Reporting of “Aggregate Annual receipts” for projects/institutions run by assessee are not required.
- Furnishing of Income and Expenditure statement in four Schedules IE – 1, 2, 3 and 4
Earlier Business Trusts and Investment Funds were filing ITR-7. However, from A.Y , they are supposed to file ITR – 5.
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29. CHANGES TRIGGERED BY FINANCE ACT, 2018
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30. Change in E-filing
Taxpayers whose Income was below Rs. 5 Lakhs were allowed to file their return physically.
Every taxpayer shall file the income-tax return electronically except a super senior citizen (whose age is 80 years or above during the previous year ) who furnishes the return either in ITR-1 or ITR-4.
But now
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31. ITR 1 CHANGES -FINANCE ACT, 2018 Health and Education Cess @ 4%
Standard deduction (up to Rs. 40,000) from salary income.
Sec 80TTB deduction (up to Rs. 50,000) to senior citizens
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32. WHO CANNOT FILE ITR-1? If Agricultural Income > 5000
An assessee who held unlisted equity shares
An assessee who is a director in a company.
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33. ITR 2 CHANGES -FINANCE ACT, 2018
Changes Pertaining to Finance Act, 2018
ITR 2
Withdrawal of Sec 10(38) exemption, insertion of Sec 112A
Health and Education 4%
Standard deduction (up to Rs. 40,000) from salary income.
Sec 80TTB deduction (up to Rs. 50,000) to senior citizens
Schedule AMT inserted
Section 54EC exemption on transfer of land or building only
Tolerance band of 105% in case of transfer of land or building
(Sec 50C)
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34. ITR 3 CHANGES -FINANCE ACT, 2018
Changes Pertaining to Finance Act, 2018
ITR 3
Withdrawal of Sec 10(38) exemption, insertion of Sec 112A
Section 54EC exemption on transfer of land or building only
Tolerance band of 105% in case of transfer of land or building
(Sec 50C)
Gain/Loss from foreign exchange fluctuation (other than covered u/s 43A) shall be allowed u/s 43AA if in accordance with ICDS VI.
Health and Education 4%
Alternate Minimum 9% on units located in IFSC
Marked-to-Market losses for listed securities as per ICDS-VIII. Such losses would not be allowable for unlisted or unquoted securities u/s 40A(13)
Standard deduction (up to Rs. 40,000) from salary income.
Sec 80TTB deduction (up to Rs. 50,000) to senior citizens
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CIRC

35. ITR 4 CHANGES -FINANCE ACT, 2018
Changes Pertaining to Finance Act, 2018
ITR 4
Standard deduction (up to Rs. 40,000) from salary income
Health and Education 4%
Sec 44AE amended
Sec 80TTB deduction (up to Rs. 50,000) to senior citizens
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36. WHO CANNOT FILE ITR-4? Person governed by Portuguese Civil Code
Non-Residents/Not ordinary resident
If total Income > 50 Lakhs
Person governed by Portuguese Civil Code
Person claiming deduction u/s 80RRB/80QQB
An assessee who is a director of a company or held unlisted equity shares
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CIRC

37. ITR 5 CHANGES -FINANCE ACT, 2018
Withdrawal of Sec 10(38) exemption, insertion of Sec 112A
Section 54EC exemption on transfer of land or building only
Tolerance band of 105% in case of transfer of land or building
(Sec 50C)
Gain/Loss from foreign exchange fluctuation (other than covered u/s 43A) shall be allowed u/s 43AA if in accordance with ICDS VI.
Health and Education 4%
Alternate Minimum 9% on units located in IFSC
Marked-to-Market losses for listed securities as per ICDS-VIII. Such losses would not be allowable for unlisted or unquoted securities u/s 40A(13)
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38. ITR 6 CHANGES -FINANCE ACT, 2018
Withdrawal of Sec 10(38) exemption, insertion of Sec 112A
Section 54EC exemption on transfer of land or building only
Tolerance band of 105% in case of transfer of land or building
(Sec 50C)
Concessional 25% for Small Domestic Companies (Turnover up to Rs. 250 Cr)
Gain/Loss from foreign exchange fluctuation (other than covered u/s 43A) shall be allowed u/s 43AA if in accordance with ICDS VI.
30% on deemed dividend u/s 2(22)(e)
Health and Education 4%
Marked-to-Market losses for listed securities as per ICDS-VIII. Such losses would not be allowable for unlisted or unquoted securities u/s 40A(13)
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39. ITR 7 CHANGES -FINANCE ACT, 2018 Health and Education Cess @ 4%
Claim of Depreciation as per Sec 11(6)
Reporting of amounts disallowable u/s 40 or 40A
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40. IMPACT ON ASSESSEE?
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41. Impact on
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42. Presented By: CA Rajeev Sogani Email ID: rsa@soganiprofessionals.com
Website: