EY Tax Alert CBDT notifies income tax return forms for tax year 2018-19 with substantive additional disclosure requirements
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8 April 2019 EY Tax Alert CBDT notifies income tax return forms for tax year 2018-19 with substantive additional disclosure requirements Tax Alerts cover significant tax Executive summary news, developments and changes This Tax Alert summarizes the key amendments made to the Income Tax Return (ITR) in legislation that affect Indian forms for tax year 2018-19, vide Notification No. 32/ 2019 dated 1 April 2019 businesses. They act as technical (Notification) issued by the Central Board of Direct Taxes (CBDT) . The said Notification summaries to keep you on top of has also amended Rule 12 of the Income Tax Rules, 1962 (Rule 12) to restrict the scope of simplified ITR-1 Sahaj and ITR-4 Sugam to specified taxpayers, being resident in India. The the latest tax issues. For more new ITRs require substantive additional disclosures which are intended to enable the Tax information, please contact your Authority to make non-intrusive verification of financial data collected by the Tax Authority EY advisor. through secondary sources.  Apex body of direct tax administration in India.
Page 2 ► Taxpayer has brought forward loss or loss to be Background carried forward under any head of income ► Taxpayer is assessable for income on which tax The CBDT, vide the Notification, has amended Rule 12, as has been deducted in another taxpayer’s name also notified the ITR forms, for all categories of taxpayers for tax year 2018-19 (Assessment Year 2019-20). However, Taxpayers who are disqualified from filing simplified tax the instructions for filing the ITR forms are awaited. return in ITR-1 or ITR-4 need to file their tax return in other ITR forms, as may be applicable which require more detailed disclosure requirements. Refer Annexure Changes in Rule 12 – Scope of filing 1 which enlists the applicability of the ITR forms to simplified ITRs by small taxpayers various categories of taxpayers. narrowed down Key changes in the ITR forms Under the erstwhile Rule 12, small taxpayers could use simplified ITRs with less disclosure requirements. The requirements are as follows: The key changes notified in the ITR forms applicable to tax year 2018-19 as compared to the immediately preceding tax year 2017-18 are summarized below. ► Simplified ITR-1 can be filed by individuals (resident and ordinarily resident) who have income from salary or family pension, income from one house property or 1.0 Key changes which commonly apply to most of the income from other sources and the total income is upto ITR forms: INR 5M. 1.01 Capacity in which tax return filed by a representative taxpayer: If tax return is filed by ► Similarly, ITR-4 Sugam can only be filed by individuals, a representative taxpayer, capacity in which the Hindu undivided families (HUFs) and firms (other than representative is filing the return needs to be limited liability partnerships (LLPs)) who earn profits reported separately (Applicable to ITR forms - and gains from business and professions to which ITR 2, 3, 4, 5, 6, 7). presumptive tax provisions apply. 1.02 Enhanced reporting for determination of residential status of individuals: Instead of The amended Rule 12 further restricts scope of filing ITR-1 taxpayer declaring himself as resident, non- and ITR-4 Sugam as follows: resident or not ordinarily resident, the new ITR form requires furnishing of data of number of ► Individual who is a resident and ordinarily resident days of physical stay in India during specified cannot file simplified ITR-1 for tax year 2018-19 under period based on which residential status is any of the following additional circumstances: determined. Additionally, if the individual qualifies as a non-resident in India during the ► Taxpayer claims deduction of expenses under the tax year, the new ITR form requires disclosure head “income from other sources” (IFOS) (other of the jurisdiction of his residence and taxpayer than standard deduction against family pension identification number therein. Further, if the income). non-resident individual is a citizen of India or a ► Taxpayer is a director in any company person of Indian origin, total period of stay in ► Taxpayer held any unlisted equity share at any time India during the tax year and during the during the tax year preceding four years also need to be reported ► Taxpayer is assessable for income on which tax has (ITR 2, 3). been deducted in another taxpayer’s name 1.03 Disclosure of taxable amount of accumulated balance of recognized provident fund: In case there is withdrawal of accumulated balance of ► Similarly, the amended Rule 12 now restricts the scope recognized provident fund which is taxable at of filing ITR-4 Sugam to individuals and HUFs who are special rates involving redetermination of resident and ordinarily resident and firms (other than incomes and taxes of past years in which LLPs) who are residents. Previously, there was no contributions were made, the new ITR requires specific condition with respect to residential status for details of assessment year, income benefit and filing of ITR-4 Sugam. Additionally, the amended Rule tax benefit to be provided which forms the basis 12 provides for further restrictions on eligibility to file of computing special rate of tax (ITR 2, 3, 5, 6, ITR-4 Sugam to the following categories of resident 7). individuals, HUFs and firms (other than LLPs): ► Taxpayer is a director in any company ► Taxpayer held any unlisted equity share at any time during the tax year  The disclosure for taxable portion of accumulated balance of recognized ► Taxpayer has total income above INR 5M provident fund in ITR 5, 6, 7 is not clear as those ITR forms do not apply to ► Taxpayer has income from more than one house individual taxpayers property
Page 3 1.04 Additional details to be furnished if taxpayer is a 1.11 Break-up of monetary donations made in cash director in any company: If the taxpayer is a and other mode: Monetary donations made by director in a company at any time during the tax taxpayer and eligible for deduction under year, following details need to be furnished (ITR section 80G of the Income Tax Laws (ITL) need 2, 3): to be bifurcated between donation made in cash or in any other mode (like cheque or ► Name and Permanent Account Number (PAN) electronic mode). (ITR 2, 3, 4, 5, 6) of the company ► Whether shares of the company are listed or 1.12 Enhanced reporting in relation to foreign unlisted assets located outside India: Instead of ► Director identification number information about foreign bank accounts held, the new ITR forms require details of following assets held by resident taxpayers at any time 1.05 Enhanced reporting if unlisted equity shares are during the tax year in Schedule FA dealing with held during any time of the tax year: If the foreign assets and income from any source taxpayer held any unlisted equity shares at any outside India (ITR 2, 3, 5, 6, 7) time during the tax year, following details need to be furnished (ITR 2, 3, 5, 7): ► Details of Foreign Depository accounts ► Details of Foreign Custodial accounts ► Name and PAN of the company ► Details of Foreign Equity and Debt interest ► Details of opening balance and closing ► Details of Foreign Cash Value Insurance balance (no. of shares and cost of Contract or Annuity Contract acquisition), shares acquired and transferred during the year (no. of shares and cost/sales Under each asset category, there is further consideration). reporting requirement such as details of ► In relation to shares acquired during the year, country name and code, name and address of the taxpayer also needs to disclose date of institution, account number, date of opening purchase, face value of shares, issue price per the account, peak balance during the tax year, share in case of fresh issue and purchase closing balance, amount of interest/ amount price per share in case of secondary paid/ credit. In case of insurance contract, acquisition. cash/ surrender value of contract needs to be reported. 1.06 If the taxpayer is a partner in a firm, name of the firm and PAN needs to be disclosed separately 1.13 Enhanced reporting in exempt income (ITR 5, 7). schedule (a) If net agricultural income exceeds 1.07 Enhanced reporting in case of transfer of INR 0.5M or (b) income is not chargeable as immovable property: In case of transfer of per Double Taxation Avoidance Agreement immovable property, details such as name and (DTAA) or (c) it is pass-through exempt PAN of the buyer, address of property and in case income: of more than one buyer, percentage share and ► In the schedule of exempt income, where amount of each buyer need to be reported (ITR 2, the net agricultural income exceeds INR 3, 5, 6). 0.5M, following details need to be reported 1.08 Enhanced break-up of incomes taxable at separately for each agricultural land (ITR 2, special rates of tax: Income chargeable at special 3, 5, 6) rates needs to be disclosed separately such as interest received from infrastructure debt fund, (i) Name of district along with pin code dividends from Global Depository Receipts (GDRs) where agricultural land is situated purchased in foreign currency etc. (ITR 2, 3, 5, 6, 7) (ii) Measurement in acres 1.09 Break-up of interest income: Interest income earned needs to be bifurcated into interest (iii) Whether the land is owned or leased earned from savings bank, deposits, income tax and whether it is irrigated or rain fed refund, interest in the nature of pass-through income or others. (ITR 2, 3, 5, 6, 7) ► Further, pass-through income not chargeable to tax and income not 1.10 Break-up of certain specified incomes such as chargeable to tax as per DTAA also needs to dividend income, winning from lotteries, puzzle, be specifically reported in the schedule of races etc. which are taxed under Income from Exempt Income (ITR 2, 3, 5) other sources (IFOS): The new ITR forms require period wise break-up of specified incomes accrued or received during the year. The break- up period is aligned to the due dates of payment of advance tax (ITR 2, 3, 5, 6, 7).  It may be noted that S.80G does not permit deduction for donations in kind
Page 4 1.14 Details of pass-through income received by 3.0 Key change in ITR-3 applicable to individuals and taxpayer from business trusts: In addition to HUFs engaged in business or profession Schedule PTI dealing with pass-through income 3.01 If the taxpayer is liable to audit under any law received from business trusts, such pass-through other than ITL, the relevant provision of that income in the nature of house property income, law under which audit is conducted and the date capital gains etc. need to be specifically disclosed of furnishing audit report needs to be reported. under respective head of income schedule in the (ITR 3) ITR form as also in the schedule of incomes taxed at special rates (ITR 2, 3, 5, 6, 7). 4.0 Key changes in ITR-3, ITR-5 and ITR-6 in relation to presumptive taxation consequent to restricted 1.15 Expenditure incurred in relation to exempt scope of ITR-4 Sugam income which is disallowed needs to be reported separately (ITR 3, 5, 6) 4.01 As a sequel to scope of ITR-4 Sugam being made more restrictive, other ITR forms viz. ITR- 1.16 Where TDS credit relates to another person: In 3, ITR-5 and ITR-6 have been suitably amended the TDS Schedule, it needs to be specified to provide for computation of income earned whether credit of tax deducted at source (TDS) from profits and gains of business and relates to taxpayer or other person and in case profession on presumptive basis. credit relates to another person, PAN of such person needs to be reported. Additionally, gross 4.02 Additionally, taxpayers engaged in the business amount of corresponding income offered against of plying, hiring and leasing goods carriage and which TDS has been claimed and relevant head of offering income on presumptive basis are income also needs to be disclosed (ITR 2, 3, 5, 6, required to provide additional details such as 7). motor vehicle registration number and tonnage capacity of goods carriage, whether they are 1.17 Furnishing of PAN/ TAN of tenant is mandatory owned/ leased or hired and the number of if TDS credit on rent income is claimed by the months for which they have been owned/ taxpayer: While computing house property leased or hired. income, taxpayer needs to mandatorily furnish PAN/ TAN of the tenant if credit for TDS on rent 4.03 In case where regular books of accounts are not income is claimed by the taxpayer. (ITR 2, 3, 5, 6, maintained, details of gross receipts as 7) bifurcated between receipts through specified banking modes and any other mode to be 1.18 Insertion of Manufacturing Account and Trading reported. Account in addition to Profit and Loss Account: Statement of Profit and Loss has been bifurcated into Manufacturing account, Trading Account and Profit and Loss Account. Certain additional details 5.0 Key change in ITR-4 (Sugam) applicable to resident need to be furnished in the Manufacturing small taxpayers covered by presumptive tax Account such as details of direct wages, direct provisions expenses and factory overheads. (ITR 3, 5, 6). 5.01 Insertion of Schedule 80G for donations made: 1.19 New schedule inserted for donations made to Earlier, only the amount of donations eligible for research associations: Where donation is made deduction under section 80G of the ITL was to to research associations, details such as name, be disclosed. As per the new ITR form, further address and PAN of donee, amount of donation details of donation such as name, PAN, address made in cash and other modes and eligible of the donee, donation made in cash and other amount of donation need to be specifically modes and eligible amount of donation need to reported in Schedule RA. (ITR 3, 5, 6) be reported in Schedule 80G. 1.20 New schedule inserted for donations made for 6.0 Key changes in ITR-5 applicable to firms/ LLPs/ scientific research or rural development: Where Association of Persons (AOPs)/ business trusts: donation is made for scientific research or rural 6.01 Applicability of ITR-5 to business trusts and development, details such as name, address and investment fund instead of ITR-7: ITR-7 is no PAN of donee, amount of donation made in cash more applicable to business trusts and and other modes and eligible amount of donation investment fund. Such taxpayers now need to need to be specifically reported in Schedule furnish their tax returns in ITR-5. 80GGA. (ITR 2, 5, 6) 6.02 In the computation of total income, profit-linked deduction claimed by units located in Special 2.0 Key change in ITR-1 Sahaj and ITR-4 Sugam Economic Zone, exempt income of business applicable to small taxpayers trust and exempt income from investment fund need to be specifically reported. 2.01 In addition to disclosure of self-occupied and let out property, ITR 1 and ITR-4 Sugam also give an option to disclose whether the property is deemed let out.
Page 5 6.03 Details about start-up recognized by DPIIT: 7.06 Additional disclosure of assets and liabilities at Taxpayer needs to disclose whether it is the end of the tax year by unlisted company recognized as start-up by DPIIT and if yes, start- and start up: up recognition number as allotted by DPIIT needs Besides listing of assets and liabilities in the to be reported. Further, if certificate from inter- balance sheet schedule, unlisted companies and ministerial board is received, certificate number start-ups are also required to provide also needs to be provided. exhaustive details in relation to various assets and liabilities as under: 7.0 Key changes in ITR-6 applicable to corporate taxpayers Nature of assets Details sought 7.01 Date of commencement of business: In addition to date of incorporation of company, date of commencement of business also needs to be Listed and Complete movement disclosed. unlisted equity of investment shares, other (quantity and 7.02 Details of business re-organization: In addition to securities and amount) during the the existing details about business re- capital year which includes organizations such as name, PAN and address of contribution in details of opening the other company under amalgamation/ other entities and closing balance, demerger undertaken during the tax year, date of purchase and sale amalgamation/ demerger also needs to be reported. Loans and Party wise details 7.03 Details of immediate and ultimate parent advances given along with opening company to be furnished by foreign company: and received and closing balance, Foreign company is to report additional details amount received and such as name, address, country of residence, repaid during the PAN (if allotted) and unique identification of year, rate and respective country of its immediate and ultimate amount of interest parent company. Land or building Date and cost of 7.04 Details about start-up recognized by DPIIT: or both (whether acquisition, purpose Taxpayer needs to disclose whether it is residential or of use recognized as “start-up” by DPIIT and if yes, start- not), other assets up recognition number as allotted by DPIIT needs such as motor to be reported. Further, if certificate from inter- vehicle, aircraft, ministerial board is received, certificate number yatch, jewelry, also needs to be provided. archaeological 7.05 Specific requirement for taxpayers being collections, unlisted companies and start-ups: Specified drawings, taxpayers are required to provide details of painting, shareholding during the year. It includes details sculptures or any such as name, residential status and PAN of the work of art or shareholder, type and number of shares held, bullion face value and issue price per share. These details are required to be reported for shareholders as on the last date of the tax year as also for the In the context of start-ups, the above information shareholder who ceases to be shareholder during needs to be furnished from the date of the tax year. Details of equity share application incorporation up to end of the tax year and they money pending allotment at the end of the tax also need to report if the specified asset has been year also needs to be reported. transferred during the tax year. This additional Additionally, start-ups also need to provide the disclosure requirement in new ITR form for start- category of shareholder such as whether non- ups is in view of end-user restriction on funds resident or venture capital company or venture raised by start-ups by issue of shares to residents capital fund or specified company or any other under “green channel” route permitted by DPIIT person. and CBDT through recent Notifications for addressing “angel tax” controversy.  Please refer our alert dated 20 Feb 2019 titled “Government of India expands definition of “start-up” and relaxes conditions for “angel tax”  Department for Promotion of Industry and Internal Trade exemption” for more details on “angel tax” controversy for start-ups
Page 6 7.07 Disclosures in Goods and Services Tax (GST) 9.0 Changes to give effect to amendments in the ITL: schedule relaxed: The new ITR form requires 9.01 Additionally, all the ITR forms also incorporate reporting of party-wise information regarding certain consequential modifications to give turnover/ gross receipt (annual value of outward effect to the amendments made by the Finance supply as per GST return) with its Goods and Act, 2018, which are effective from tax year Services Identification Number (GSTIN). In the 2018-19. Illustratively, this includes: earlier year, for taxpayers not liable to tax audit, there was onerous requirement of reporting ► Details of standard deduction claimed break-up of total expenditure with entities against salary income registered under GST (whether expenditure ► Details of sale of listed equity shares in a relates to goods or services exempt under GST, company, units of equity oriented fund or entities covered by composition scheme and units of business trust on which securities other registered entities) and with entities not transaction tax has been paid registered under GST. 10.0 Changes in mode or manner of filing of ITR: 8.0 Key changes in ITR-7 applicable to charitable trusts and other institutions, political parties 10.01 All the ITR forms have to be mandatorily filed electronically, except ITR-1 (Sahaj) and ITR-4 8.01 Information about registration or approval (Sugam), where super senior citizens of age 80 under any law other than ITL: Taxpayers years and above have an option to file it in registered or approved under any law other than physical form. ITL are required to provide details of such registration which includes the law under which 10.02 For tax year 2017-18, individuals and HUFs registration or approval is obtained, date of having income up to INR 0.5m and not claiming registration, registration number and approving any tax refund were permitted to file return in authority. physical form. But for tax year 2018-19, even such taxpayers have to file their return 8.02 Additional requirement for taxpayers being electronically. charitable institutions: Charitable institutions are required to provide source of funds to meet revenue and capital expenditure. The disclosure of source of funds is to be bifurcated between Comments income and borrowed funds, if any. The new ITR forms call for significantly enhanced 8.03 Additional reporting requirement on few disclosure requirements. This complements with institutions: Few institutions such as research the ambitious project of the Tax Authority to use association, mutual funds, specified news Big Data Analytics tool to collate financial agencies, infrastructure debt funds, etc. who are information from secondary sources (including eligible to claim exemption under the ITL have to Exchange of Information with other countries) and disclose details of total receipts (including map against taxpayer’s profile to verify whether voluntary contributions), its application and the taxpayer has made proper disclosure of his/her accumulation during the tax year. incomes and assets. The comprehensive data 8.04 Specific requirement for taxpayers being collected from ITR forms by way of self-disclosure unlisted companies: Unlisted companies are by taxpayers will be verified with financial required to provide details of shareholding during information collected by the Tax Authority from the year. It includes details such as name, secondary sources resulting in non-intrusive residential status and PAN of the shareholder, verification. Any mismatches will be further type and number of shares held, face value and investigated through electronic interaction with issue price per share. These details are required taxpayer through Centralised Processing Centre for to be reported for shareholders as on the last processing of returns and/or electronic scrutiny date of the tax year as also for the shareholder assessment. who ceases to be shareholder during the tax year. Additionally, details of equity share application Considering the object with which comprehensive money pending allotment at the end of the tax data is being collected through ITR forms, year also is to be reported. taxpayers will need to be cautious and vigilant to make proper and correct disclosures to avoid any omissions or misreporting. In particular, any default in reporting of foreign sources of incomes or foreign assets may invite severe adverse consequences of Black Money Act. Hence, taxpayers will need to plan their affairs to allocate more time for collating necessary information to be furnished in ITR well before respective due dates. Advance preparation will be key to timely and accurate compliance.
Page 7 Annexure 1 Applicability of ITR forms to various category of taxpayers Form Category of taxpayers Applicability/ sources of income covered ITR-1 Individuals (resident and Who can file ITR-1 ordinarily resident) (Sahaj) • Has income from salaries or family pension, or • Income from one house property, or • Income from other sources Who cannot file ITR-1 • Who has an asset or signing authority in any account outside India or earns income from any source outside India, or • Who has claimed DTAA relief and/or unilateral double tax relief, or • Has agricultural income above INR5,000, or • Has total income above INR5M, or • Has dividend income exceeding INR1M attracting super rich dividend tax levy, or • Has unexplained credits or investment taxable at 60% under the provisions of the ITL, or • Has capital gains or business income, or • Income from more than one house property or has brought forward loss or loss to be carried forward under the house property head, or • Income from lotteries or horse races or loss under the other sources head • Who has claimed deduction of expenses under income from other sources head. However, person who has claimed deduction under other sources head against family pension income can file ITR-1. • Who is director in any company • Who held any unlisted equity share at any time during the tax year • Who is assessable for income on which tax has been deducted in another taxpayer’s name ITR-2 Individuals and HUFs • Has income from salaries, or • Income from house property, or • Capital gains, or • Income from other sources ITR-3 Individuals and HUFs • Has income from business or profession ITR-4 Individuals and HUFs who are When to file ITR-4 Sugam Sugam resident and ordinarily resident, firms (other than limited liability • In case of profits and gains from business and partnerships (LLPs)) which are professions to which presumptive tax provisions apply resident (except in following cases) Who cannot file ITR-4 Sugam
Page 8 Form Category of taxpayers Applicability/ sources of income covered • Who has an asset or signing authority in any account outside India or has income from any source outside India, or • Who is a director in any company • Who held any unlisted equity share at any time during the tax year • Has total income above INR5M, or • Income from more than one house property or • Has brought forward loss or loss to be carried forward under any head of income, or • Who is assessable for income on which tax has been deducted in another taxpayer’s name • Who has claimed DTAA relief and/or unilateral double tax relief, or • Has agricultural income above INR 5,000 or • Has dividend income exceeding INR1M attracting super rich dividend tax levy, or • Has unexplained credits or investment taxable at 60% under the provisions of the ITL ITR-5 For firms/ LLPs/Association of • Income from house property Persons (AOPs)/ business trusts • Capital gains • Profits and gains from business and profession • Income from other sources ITR-6 Companies other than those filing • Income from house property ITR-7 • Capital gains • Profits and gains from business and profession • Income from other sources ITR-7 Persons to furnish return of • Income from house property income in circumstances specifically provided for under • Capital gains the ITL viz., charitable trusts and • Profits and gains from business and profession other institutions, political parties, etc. • Income from other sources
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