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). 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.  Apex body of direct tax administration in India
shall 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 1961
requirement 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 23
Gains 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 other
cases. (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 clear
Comments 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 year
Form 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.
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