EY Tax Alert CBDT notifies tax return forms for tax year 2019-20
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3 June 2020
EY Tax Alert
CBDT notifies tax return
forms for tax year 2019-20
Tax Alerts cover significant Executive summary
tax news, developments and
changes in legislation that This Tax Alert summarizes the key amendments made to the Income Tax Return (ITR)
affect Indian businesses. They forms for tax year 2019-20, vide Notification No. 31/2020 dated 29 May 2020
(Notification) issued by the Central Board of Direct Taxes (CBDT)[1]. The said
act as technical summaries to
Notification has also amended Rule 12 of the Income Tax Rules 1962 (Rule 12) to
keep you on top of the latest tax restore eligibility of the resident taxpayers to file ITR - 1 Sahaj and ITR - 4 Sugam which
issues. For more information, was excluded by earlier Notification No. 1/2020 dated 3 January 2020 (January
please contact your EY advisor. Notification). The January Notification earlier had debarred those taxpayers from filing
ITR-1 Sahaj and ITR-4 Sugam who were jointly holding a house property, or, had
deposited an aggregate amount exceeding INR 10M in one or more current bank
accounts or, had incurred foreign travel expenditure of an aggregate amount
exceeding INR 0.2M or, had incurred electricity expenditure of an aggregate amount
exceeding INR 0.1M.
[1] Apex body of direct tax administration in Indiashall not be eligible to file ITR-1 Sahaj.
The modifications made in the new ITR forms are majorly
Such a taxpayer is:
consequential to amendments made in the provisions of
the Income-tax laws (ITL) such as option provided in ▪ A taxpayer who had deposited an
secondary adjustment to taxpayer to pay off additional aggregate amount exceeding INR
tax, details of compliance of conditions for enhancement 10M in one or more current bank
of limit for tax audit upto INR50M, interchangeable use accounts; or
of Aadhaar number and Permanent Account Number
(PAN), Pass through of losses from investment fund to ▪ A taxpayer who had incurred
foreign travel expenditure of an
unit holders, etc.
aggregate amount exceeding INR
0.2M for himself/herself or any
Further, separate schedule is introduced for providing other person; or
details of investment/deposits/payments made from 1
April 2020 to 30 June 2020 for claiming benefit in tax ▪ A taxpayer who had incurred
year 2019-20 in line with relaxation granted vide electricity expenditure of an
Taxation and Other Laws (Relaxation of Certain aggregate exceeding INR 0.1M.
Provisions) Ordinance 2020.
Concerns were raised by the stakeholders on
Background ►
curtailment of scope of simplified ITR forms. CBDT,
addressing these concerns, released the Press
Release dated 9 January 20204 (Press Release) to
clarify that taxpayers who hold single house
► The CBDT, vide the Notification, has amended Rule
property in joint ownership shall also be allowed to
12, as also notified the ITR forms, for all categories
furnish their tax returns in simplified ITR forms if
of taxpayers for tax year 2019-20 (Assessment Year
they are otherwise eligible to file the same. This
2020-21). However, the instructions for filing the
clarification restores the pre-amendment position.
ITR forms are awaited.
Similarly, taxpayers satisfying the
Deposit/Expenditure criteria shall be allowed to file
their tax returns in ITR-1 Sahaj.
Changes in Rule 12 – ► The legislative amendment is made in Rule 12 to
give effect to the clarification issued vide the Press
Applicability of simplified ITRs Release.
widened again!
Key changes in ITR Forms
► Rule 12 provides for specified taxpayers (e.g. small
taxpayers and taxpayers offering income under 1. Common amendment made in different ITR
presumptive taxation) to file their returns under the forms:
simplified ITRs (ITR-1 Sahaj and ITR-4 Sugam)
containing only few disclosure requirements. 1.1. Amendment relating to Deposit/Expenditure
Criteria (ITR 1, 2, 3): If a taxpayer is filing the
► The CBDT vide Notification No. 1/2020 dated 3 tax return on satisfaction of Deposit/
January 2020 (January Notification2) had already Expenditure criteria, the taxpayer is required
notified two ITR Forms, being ITR-1 Sahaj and ITR-4 to disclose the criteria fulfilled and the
Sugam for tax year 2019-20. Along with the same, aggregate amount of bank deposit or
the CBDT had also amended Rule 12 to narrow down expenditure incurred on foreign travel or
the eligibility of the taxpayers who were entitled to electricity depending on such condition, as the
file ITR-1 and ITR-4 in following two cases: case may be.
o Taxpayer who jointly owns a house property 1.2. Disclosure of type of company for taxpayers
with two or more persons shall not be being director in a company or taxpayers
eligible to file ITR-1 Sahaj or ITR-4 Sugam; holding unlisted equity shares:
and
(i) If the taxpayer individual was director
o Taxpayer who is required to furnish tax in a company during the tax year,
return only due to operation of seventh he/she was required to furnish
proviso to Section (s.) 139 of the Indian Tax certain information, like name of the
Law3 (ITL) (Deposit/Expenditure criteria) company, whether shares are listed,
PAN and Director Identification
Number. An additional disclosure
2 4
Refer our alert titled as “CBDT notifies two income-tax Refer our alert tiled as “CBDT relaxes eligibility conditions
return forms (ITR-1 Sahaj and ITR-4 Sugam) for tax year for filing of two income tax return forms (ITR-1 Sahaj and
2019-20” dated 7 January 2020 ITR-4 Sugam) for tax year 2019-20” dated 10 January 2020
3
Income-tax Act 1961requirement has been inserted, being disallowed under provisions of ITL are required
“Type of company”, wherein a to be reported separately.
dropdown list shall be provided to
identify types of company.5 (ITR 2 and 1.6. Computation of income from life insurance
3) business (ITR 5 and 6): A separate line item is
included for purpose of computation of income
(ii) Similarly, taxpayer is also to disclose from life insurance business requiring details
“type of company” as an additional of net profit/loss from life insurance business
requirement while reporting the and additions/deductions made. Similar
disclosure of unlisted equity shares of changes have also been made in other
any company held by the taxpayer schedules, such as separate disclosure of
during the year6 (ITR 2, 3, 5 and 7) losses to be carried forward from life
insurance business is provided under Schedule
1.3. Separate Schedule (Schedule 112A) for CFL.
computation of capital gains arising on from
sale of equity share in a company or unit of 1.7. Expansion of depreciation schedule (ITR 3, 5
equity oriented fund or unit of a business trust and 6): Depreciation schedule is enlarged to
on which Securities Transaction Tax (STT) is include separate block of assets7 which is
paid (ITR 2, 3, 5 and 6): In case where the eligible for claiming deprecation at the rate of
taxpayer has earned long term capital gains 45%.
from sale of equity share in a company or unit of
an equity oriented fund/business trust on which 1.8. Separate reporting of income from units of a
STT is paid, the new ITR form requires asset- mutual fund purchased in foreign currency by
wise detailed disclosure requirement which Offshore fund (ITR 5 and 6): Previously, there
includes: was no separate reporting of the income from
units of mutual fund purchased in foreign
(i) ISIN Code of security; currency by an offshore fund, which is taxable
(ii) Name of the share/unit; at special rate of 10%. Now, the ITR Forms
(iii) Number of share/unit; require a separate reporting of such income in
(iv) Sale price of share/unit; Schedule OS (Income from other sources).
2. Key changes which are consequential to
Further, the earlier details such as full value of amendments made in the provisions of ITL:
consideration, cost of acquisition, fair market
value of the asset, expenditure wholly and 2.1. Extension of time limit for claiming deduction
exclusively incurred in connect with transfer, under Chapter VI-A of the ITL or investments
etc. are now also to be reported asset-wise. for claiming exemption from capital gains
(ITR 1, 2, 3, 4, 5 and 6): Due to explosion of
Similarly, a separate schedule is introduced for COVID-19 pandemic, the President has
taxpayers being non-resident earning the said promulgated Taxation and Other Laws
income for reporting the aforesaid details. (Relaxation of Certain Provisions) Ordinance
20208 on 31 March 2020 to grant various
1.4. Disclosure of Document Identification Number procedural relaxation for compliances under
(DIN) (ITR 1 to 7): Pursuant to CBDT Circular various laws including ITL. It includes
No. 19 of 2019 dated 14 August 2019 which extension of last date of carrying out requisite
provides that no communication shall be issued investments/deposits/payments to claim
by Tax Department relating to assessment, various benefits under ITL for tax year 2019-
appeals, orders, etc. on or after 1 October 20 from 31 March 2020 to 30 June 2020.
2019, unless electronically generated DIN is Also, the time period for commencement of
allotted and duly quoted on such business activity for claiming Special Economic
communication, ITR forms require disclosure of Zone (SEZ) exemption which was to be time
such DIN if tax return is furnished pursuant to barred on 31 March 2020 was extended to 30
any notice issued by the Tax Authority. June 2020. Pursuant to the said relief, now
separate schedule is introduced to furnish
1.5. Disallowance of amount paid to a member (ITR details of investments/deposits/payments
3 and 6): Any payment of interest, salary, made on or after 1 April 2020 to 30 June
bonus, commission or remuneration, by any 2020 with respect to the deductions to be
association of persons or body of individuals to claimed under Chapter VI-A of ITL and with
a member of such association or body which is respect to amount utilized from the Capital
5
Since, currently the contents of the dropdown list are not August 2019 but before 1 April 2020 and is put to use
known, greater clarity shall prevail once the same are made before 1 April 2020. Refer CBDT Notification No. 69/ 2019
available in the instructions to ITR forms. dated 20 September 2019.
6 8
Since, currently the contents of the dropdown list are not Refer our alert tiled as “COVID 19 Impact - Government
known, greater clarity shall prevail once the same are made extends various timelines up to 30 June 2020 and provides
available. relaxations under various direct tax laws in India” dated 1
7
Motor buses, motor lorries and motor taxis used in a April 2020
business of running them on hire acquired on or after 23Gains Account Scheme which are to be claimed being treated as an advance. ITR form
as deduction for tax year 2019-20. provides that if the taxpayer is availing such
option, then requisite details in Schedule TPSA
2.2. Amendment in conditions for carrying on tax which includes amount of primary adjustment,
audit (ITR 3, 5 and 6): Erstwhile provisions computation of tax including surcharge and
governing requirement to carry out tax audit cess and details of payment of such taxes are
provided that if the total sales/turnover/gross required to be reported.
receipts exceeded INR10M in a tax year for a
person carrying on business, then such person is 2.5. Change in taxation in the hands of unit holder
required to undertake tax audit. This, threshold (ITR 2, 3, 5, 6 and 7): Erstwhile provisions of
was enhanced to INR 50M if following two the ITL provided that where the net
conditions are met: computation of income of an investment fund
was a loss, such loss have to captured at the
(i) Aggregate of all amounts received, level of the investment fund only and the same
including from sales/turnover/gross cannot be passed on to the unitholders of the
receipts, in cash, does not exceed 5% of investment fund. However, such treatment
the said amount; and has undergone a change vide Finance Act
2020 as under:
(ii) Aggregate of all payments made,
including amount incurred for (i) For losses accumulated with the
expenditure, in cash, does not exceed investment fund as on 31 March
5% of said amount. 2019, with respect to income other
than income from business and
In consequence of the above amendment, ITR profession shall be considered as loss
form provides for three new disclosure of the unitholders and shall be
requirements, being: allowed to be carried forward by such
unitholders;
(i) Whether total sales/turnover/gross
receipts of business exceeds INR 10M (ii) For losses arising from tax year
but does not exceed INR 50M; and 2019-20, with respect to losses other
than arising under the head of income
(iii) Whether aggregate of all amounts from business and profession, such
received, including from losses shall be passed on to the
sales/turnover/gross receipts or on unitholders meeting stipulated
capital account such as capital conditions.
contribution, loans, etc., in cash, does
not exceed 5% of the said amount; and In pursuance of the above amendment, the
following consequent changes have been
(iv) Whether aggregate of all payments made in the ITR Forms:
made, including amount incurred for
expenditure or on capital account such (iii) Reference to pass through of “losses”
as asset acquisition, repayment of alongside pass through of income
loans, etc., in cash, does not exceed 5% have been added;
of said amount.
(iv) Schedule PTI which provides for
2.3. Payment based deduction (ITR 3, 5 and 6): As details of pass through income from
part of amounts debited to the Statement of business trust/investment fund will
Profit and Loss but not allowed as per s. 43B of require furnishing of additional
the ITL requires additional disclosure disclosures, being current year
requirement of interest payable to a deposit income, share of current year loss
taking Non-banking financial company (NBFC) or distributed by investment fund, etc.
systematically important non-deposit taking
NBFC. (v) Schedule CFL which provides for
details of losses to be carried forward
2.4. Reporting requirement in relation to secondary to future years, will now require a
adjustment (ITR 3, 5 and 6): As per provisions separate bifurcation with respect to
of ITL, where a primary adjustment is carried house property loss, short term
out with respect to an international transaction capital loss and longterm capital loss,
with an Associated Enterprise (AE), a secondary into normal losses and losses made
adjustment is also required to be carried out in available due to pass through from
the books of the taxpayer. Further, if the investment fund.
adjusted amount is not received from the
respective AE in stipulated time, it is deemed to Apart from the above, with respect to long
be treated as advance provided by the taxpayer term capital gains earned by taxpayers by
to AE and interest is charged thereof. However, virtue of pass through taxation, bifurcation is
an option is provided to taxpayer in such cases required to be provided between the gains
to pay an additional income tax on the adjusted taxable under s. 112A @ 10%, other than s.
amount and prevent the adjusted amount from 112A @ 10% and taxable @ 20% for othercases. (ITR 2, 3, 5 and 6) 3.3. As part of disclosure of income chargeable to
tax at special rates i.e. Schedule OS (Income
2.6. Option to disclosure Aadhaar number in lieu of from other sources) and Schedule SI (special
PAN (ITR 1 to 7): Finance Act 2020 has rates), a new line item added, being tax on
introduced a specific provision in the ITL for dividend received by an Indian company from
interchangeable use of Aadhaar number and specified foreign company i.e. a company in
PAN if such Aadhaar number is linked with PAN which the Indian company holds 26% or more
following the prescribed procedure. ITR Forms of equity, chargeable to tax @ 15% plus
are amended to provide an option to taxpayer to surcharge and cess as applicable.
furnish Aadhaar number wherever there is
requirement to quote PAN such as in case of 3.4. Any capital gain or loss arising from the sale of
property being co-owned the taxpayer can now land or building or both is required to be
either provide PAN or Aadhaar number of the reported by taxpayer in Schedule CG of ITR
co-owner. form. In the new ITR-6, a company is now
required to report its share in land or building
2.7. Option of “self-occupied” property introduced in case of co-ownership.
(ITR 5 and 6): While furnishing the details of
income from house property in Schedule HP, 3.5. As per the First Schedule of the Finance Act, a
earlier only two options of let out and deemed to foreign company is liable to pay tax at the rate
be let out were provided in ITR 5 and ITR 6. of 50% in respect of the following incomes:
However, considering that the provisions are
amended to provide that where the property (i) royalties received from Government
consisting of any building or land appurtenant of India (GoI) or an Indian concern in
thereto is held as stock-in-trade and the pursuance of an agreement made by
property or any part of the property is not let it with the GoI or the Indian concern
out during the whole or any part of the previous after the 31 March 1961 but before
year, the annual value of such property, for the 1 April 1976; or
period up to two years from the end of the
financial year in which the certificate of (ii) fees for rendering technical services
completion of construction of the property is received from GoI or an Indian
obtained from the competent authority, shall be concern in pursuance of an
taken to be NIL, thus now the ITR forms allow agreement made by it with the GoI or
selection of self-occupied property option and the Indian concern after the 29
claim annual value as NIL. February 1964 but before 1 April
1976, and where such agreement
3. Key changes in ITR 6 – Applicable to corporate has, in either case, been approved by
taxpayers: the Central Government.
3.1. The Taxation Laws (Amendment) Act 2019 In notified ITR-6, if a foreign company has
provided for concessional tax regimes for earned such incomes, then it has to separately
various specified domestic companies, wherein report them in the Schedule OS (Income from
the corporate tax rate stood reduced to other sources). Consequential change has also
22%/15% for companies which met stipulated been made to Schedule SI (Special Income)
conditions and also agreed to give away certain which provides taxation at special rate. It may
allowances. These provisions are introduced as be noted that such provisions already formed
optional provisions, wherein the company can part of the ITL, however a separate disclosure
decide to whether opt-in for it or not. In lines is now required in the ITR Form for the sake of
with the same, the ITR Form in Part-A of General clarity.
Schedule, requires the company to choose
whether it is opting for any of the concessional 3.6. Previously, the return of a company could be
tax regimes. signed and verified by its Managing Director
(MD) or in his/her absence, by any other
3.2. In case of companies covered by presumptive director of the company. However, Finance
taxation regime and do not maintain books of Act 2020 amended the relevant provision to
account, have to report certain specified items enable “any other person, as may be
of assets and liabilities as also gross receipts prescribed by the Board”, to verify the return
and expenses in lieu of reporting of detailed of income of a company. In pursuance to such
items of balance sheet and profits and loss amendment, the ITR – 6 requires details of the
account. Such reporting was applicable to eligible person verifying the return in the
companies following Indian Accounting schedule of ‘Key Persons’, such as name,
Standards (Ind AS). Considering that Ind AS designation, address, PAN/Aadhaar Number
companies are generally required to maintain and director identification number, if he/she is
books of account, requirement of reporting only a director.
specified items of balance sheet and profit and
loss account under Schedule Part A-BS– Ind AS
and Schedule Part A-P&L Ind-AS stand deleted.4. Key changes in ITR – 1 Sahaj – applicable to (iii) Taxpayer was required to provide the
specified small taxpayers and ITR – 4 Sugam – movement of all transactions
applicable to taxpayers offering income on undertaken through bank channel
presumptive basis: (aggregate of all bank accounts) viz.
details of opening balance, receipts
4.1. Few additional reporting requirements during the tax year, payments/
imposed through the January Notification withdrawals during the tax year and
stands omitted: Following additional disclosure closing balance. Similar summary was
requirements which were notified in the Form also to be provided for all
ITR-1 Sahaj and ITR -4 Sugam through the transactions undertaken in cash
January Notification now stand omitted by the during the tax year.
present Notification:
In lieu thereof, the earlier disclosure
(i) A taxpayer owning a single house requirement to provide exhaustive
property was required to provide details of financial information such
complete address of such house as details of capital balances, secured
property. Also, if the said property was and unsecured loans, creditors, fixed
let out at any time during the tax year, assets, inventories, cash and bank
details such as Name and PAN/Aadhaar balance, etc. stand restored as per
number of the tenant (if available) was present Notification.
to be provided.
6. Key changes in ITR – 7 – Applicable to
(ii) Under the house property schedule, the specified taxpayers such as charitable trust,
taxpayer was required to separately political parties, etc.:
disclose the amount of unrealized rent
along with amount of gross rent, 6.1. While providing details of registration, the
though, unrealized rent is subsequently taxpayer is required to specify whether
excluded from gross rent in the application for registration is made as per new
computation of taxable rent income. provisions, provision under which registration
is applied, date on which the application for
(iii) Salaried taxpayer was required to registration as per new provisions is made and
provide various details of employer specific provision of exemption opted for
such as name, address and Tax under the new provisions9.
Deduction and Collection Account
Number (TAN) of the employer.
(iv) Requirement to furnish details of Indian
passport
5. Key changes in ITR – 4 Sugam – Applicable to
taxpayers offering income on presumptive
basis:
5.1. Few additional reporting requirements
imposed through the January Notification
stands omitted: The following additional
disclosure requirements which were notified in
the Form ITR - 4 by the January Notification,
now stand omitted by the current Notification:
(i) A taxpayer, being a partner in a
partnership firm was required to
disclose the name and PAN of such
partnership firms.
(ii) Taxpayer, being a partnership firm, was
required to provide details of all the
partners which include name, address,
PAN and Aadhaar number (if eligible
for Aadhaar) of the partner,
percentage of share in the partnership
firm, rate of interest on partner’s
capital and remuneration paid or
payable.
9
Exact scope of this reporting requirement is not clearComments The new ITR Forms majorly cover modifications which are consequential to the various amendments made in the provisions of ITL. While notifying new ITR forms for tax year 2019-20, CBDT has not expanded the reporting requirement to a great extent. This is a welcome move by CBDT. However, in case of sale of specified securities, the reporting requirement of different parameters such as sale consideration, cost of acquisition, substitution of fair market value, etc. is made security-wise as against earlier reporting on consolidated basis. Considering that there is no major additional reporting obligation imposed on the taxpayer, it will provide ease to the taxpayers for furnishing the tax returns for tax year 2019-20 in the present unprecedented times of major disruption due to COVID-19 pandemic. Corporate taxpayers may like to note that the option for exercising reduced corporate tax rates pursuant the Taxation Laws (Amendment) Act 2019 is required to be specified upfront in the ITR Forms. Therefore, due caution should be exercised while opting for the same. The present Notification is effective from the date of its publication in Official Gazette (i.e. 29 May 2020). However, two ITR Forms (ITR 1 Sahaj and ITR 4 Sugam) were notified well in advance in January 2020, with effective date being 1 April 2020. Issue may arise in rare case of the taxpayers who have already furnished such tax returns in the month of April 2020 and May 2020, whether such taxpayers are required to revise their tax returns to be consistent with new ITR forms. This may require clarification from CBDT.
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
(Sahaj) ordinarily resident)
• 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 Double Taxation Avoidance
Agreement (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 Hindu Undivided
Family (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
• 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 yearForm Category of taxpayers Applicability/ sources of income covered
• 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
Persons (AOPs)/ business trusts • Income from house property
• Capital gains
• Profits and gains from business and profession
• Income from other sources
ITR-6 Companies other than those filing
ITR-7 • Income from house property
• Capital gains
• Profits and gains from business and profession
• Income from other sources
ITR-7 Persons to furnish return of
income in circumstances • Income from house property
specifically provided for under • Capital gains
the ITL viz., charitable trusts and • Profits and gains from business and profession
other institutions, political • Income from other sources
parties, etc.Ernst & Young LLP
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Gautam Budh Nagar, U.P.
Tel: + 91 120 671 7000
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