CA Rajan Raichura

CBDT vide notification No. 32/2019 dated 1st April 2019 amended the Income Tax Rules 1962 and added certain clauses to Rule 12 and released Income Tax Return Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for return filing of Financial Year 2018-19 / Assessment Year 2019-20.

Following ITR forms for AY 2019-20 were notified:

ITR Form Number Applicable to
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)

Additional Reporting

a) Additional details for Residential Status (in ITR 2 and 3)

Additional details for Residential Status (in ITR 2 and 3)

b) Details of Directorship in Company (in ITR 2 and 3)

Details of Directorship in Company (in ITR 2 and 3)

c) Details of holding of Unlisted equity shares at any time during the previous year (in ITR 2, 3, 5 and 7)

Details of holding of Unlisted equity shares at any time during the previous year (in ITR 2, 3, 5 and 7)

d) Whether located in an International Financial Service Centre and derives income solely in convertible foreign exchange? (ITR 3,5 and 6)

Whether located in an International Financial Service Centre

e) Income from House Property – To furnish the PAN of the Tenant is mandatory, if tax is deducted under section 194-IB.

To Furnish the TAN of the Tenant is mandatory, if tax is deducted under section 194I

f) Income from Capital Gain – Full value of consideration adopted as per Section 50C for the purpose of Capital Gain is calculated upto 1.05 times of Value of Property as per stamp valuation authority

g) Schedule FA – Details of Foreign Assets and Income from any source outside India

Additional reporting

– A2: Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period

– A3: Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity at any time during the relevant accounting period

– A4: Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period

h) PART A – P&L is divided into PART A – Manufacturing Account, PART A – Trading Account and PART A – P&L.

i) Schedule GST – Information regarding turnover / gross receipts reported for GST included now in ITR 3 and ITR 6 also. (Earlier it was in ITR-4 only)

j) In ITR-6 in the case of companies, Date of Commencement of Business to be reported.

k) Details of start up in ITR – 6 to be furnished

Details of start up in ITR – 6

l) In case of unlisted company, Schedule SH-1 and Al-1 to be furnished

unlisted company, Schedule SH-1 and Al-1

In Schedule AL-1, following details to be reported

a) Details of building or land appurtenant there to, or both, being a residential house

b) Details of land or building or both not being in the nature of residential house

c) Details of listed equity shares

d) Details of unlisted equity shares

e) Details of other securities

f) Details of Capital Contributions in other entity

g) Details of Loans & Advances to any other concern (If money lending is not assessee’s substantial business )

h) Details of motor vehicle, aircraft, yacht or other mode of transport

i) Details of Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art or bullion

j) Details of Liabilities of loans, deposits and advances taken from a person other than financial institution.

Schedule SH-2 and AL-2 is applicable for start-up companies.

Also Read-

Rule 12 of Income Tax Rules wef 1st April 2018 related to ITR of AY 2019-20

Download ITR Forms (PDF) for A.Y. 2019-20 & Applicability

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23 Comments

  1. R P AGARWAL says:

    Whether shares subscribed under public issue but subsequently after several years company got shares delisted will also be treated unlisted shares for purposes of ITR. Company does not respond to any communication.

  2. Raja says:

    Under the head Income from other sources, there are only 2 options for showing interest 1 Interest on Saving Account and 2 Interest on Bank and Coop Socty deposits. Where do I show the interest on company deposits/bonds?

  3. L k gupta says:

    Very good information and quick analysis appreciable. Sir, I have not filled ITR from last seven years as my income wwas below taxable. Now this year i invested some money in shares. My otber income from rent and LIC commisssion and intrest. Can i fill ITR this year if yes which one.

  4. A. Dutta says:

    Thanks for the information…It seems the format of residential status is not absolutely correct for NRIs visiting India regularly from abroad each year, and thus may need some correction and/or clarification in the updated ITR-2 and 3 forms..What’s your observation / opinion?

  5. J.SRINIVASARAGHAVAN says:

    THANKS, SIR
    VERY GOOD POINTS, ALL ARE POINTED & EASY TO COMPLETE THE ITR WORK. WHAT WE EXPECTED, YOU ARE FILL THAT PLACE, SIR

  6. DHRUB KUMAR PHITKARIWALA says:

    Very informative article.
    I am a retired senior citizen having income from pension, rent from residential house property, interest and profit/loss including capital gain/loss from shares etc. The total income is below Rs 10 Lakh.
    PLEASE ADVISE WHICH INCOME TAX RETURN FORM TO BE USED BY ME FOR A.Y. 2019-20.
    THANKS IN ANTICIPATION. HOPE YOU WILL PLEASE RESPOND.

  7. prem sagar kunde says:

    just now I have opened goct.site to see whether these forms are available, but they are yet to be notified made public for utilisation…

  8. R K Acharya says:

    Excellent information and in time.
    Whether details of directorship and unlisted equity shares is to be given in case of private limited companies also?

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