Income-Tax-Return-Forms

ITR Forms for AY 2019-20

ITR Forms for AY 2019-20

The Central Board of Direct Taxes (CBDT) has on the 1st of April, 2019, notified new ITR forms for AY 2019-20. The forms so notified include ITR-1 Sahaj, ITR 2, ITR 3, ITR 4 Sugam, ITR 5, ITR 6, and ITR 7. In this article, we look at the new ITR form for AY2019-20 in detail.

Highlights

The amended forms prompt the need for comprehensive details concerning unlisted equity shares holding which would have a major impact on persons having shareholding and/or Directors in a company. The new forms also enhance the scope of details concerning foreign assets and income from any source outside India.

Form ITR 1 Sahaj

ITR 1 Sahaj applies to all individuals other than not ordinary residents whose income from the following sources isn’t more than Rs. 50 lakhs:

  • Income from Salary or Pension.
  • Income from One House Property.
  • Income from Other Sources.
  • Income from agricultural means.

The latest norms prohibit a director of a company, or a person who holds an investment in unlisted equity shares or has income on which TDS has been performed, from filing this return. So all persons related to a private limited company or company would be required to file a more comprehensive income tax return along with details of the relevant investment.

ITR 1 Sahaj

Form ITR 2

ITR 2 is meant for individuals and HUFs who are not recipients of income from profits and gains of business or profession. The form must be filed under the following circumstances:

  • Where the taxpayer is not eligible to furnish returns in ITR 1.
  • Where the income of the resident individual is more than Rs. 50 lakhs.
  • Where the resident individual receives income from more than one house property, lottery and other types of gambling, horse races, agricultural income (of above Rs. 5,000), capital gains, assets located outside India.
  • Where the residential status of the individual/HUF is Resident and Not Ordinary Resident (RNOR) or Non-Resident (NR).
  • Where the individual is claiming relief of foreign tax u/s 90, 90A or 91.
ITR-2

Form ITR 3

ITR 3 is applicable for individuals and HUFs who are recipients of income from profits and gains of business or proprietary firm.

ITR-3

Form ITR 4 Sugam

ITR 4 Sugam is applicable for individuals, HUFs and Firms (except for LLPs), whose total income is not more than Rs. 50 lakhs and have opted for the presumptive taxation scheme. Such income must be:

  • Presumptive in nature.
  • Derived from business or profession.
  • Computed under Section 44AD, 44ADA or 44AE.
ITR 4 Sugam

Form ITR 5

ITR 5 is applicable for persons who are not:

  • Individuals
  • HUF
  • Company
  • Taxpayers filing Form ITR 7.
ITR-5

Hence, ITR-5 is filed by LLPs and Partnership firms.

Form ITR 6

Form ITR 6 is applicable for companies who are not claiming exemption under Section 11. On that note, exemptions under Section 11 are granted for charitable trusts, hospitals operated for a humanitarian cause, schools or colleges, establishment funding schools, colleges or other educational institutions,

ITR-6

ITR 7

ITR 7 is meant for taxpayers including companies who are obligated to furnish returns under Section 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) pr 139(4F).  Here’s a brief on each of these sections:

  • Section 139(4A) – refers to the income tax return of charitable and religious trusts.
  • Section 139(4B) – applicable for political parties who furnish their return of income.
  • Section 139(4C) and 139(4D) – pertains to the income tax return of entities claiming exemption under Section 10.
  • Section 139(4E) – for filing returns of income by business trusts who are not required to furnish returns for income or loss under any of the sections of this provision.
  • Section 139(4F) –deals with all investment funds referred to in Section 115UB.
ITR-7

Disclosure of Information

Taxpayers filing ITR 3 and ITR 6 are here on required to disclose information concerning the turnover/gross receipts, which in the previous year was only applicable for taxpayers filing ITR 4.

Due Date of Filing Returns

The Income Tax Department has also notified that the last date for filing Income Tax Returns (ITR) for taxpayers who need not get their accounts audited is the 31st of July.

Latest Update on 26th June 2019

As per the latest notification from the Income Tax Department, taxpayers are advised to take a note of the below:

Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20, Please note the below:
1. Already saved draft data will not be available in case of Online ITR 1 & 4
2. In case of Offline utilities, XML has to be re-generated using the latest Income Tax Return Preparation Software.

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Post by Sreeram Viswanath

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