DIRECT TAX UPDATE

DIRECT TAX UPDATE

A glimpse of new requirements in ITR forms for AY 2018-19 after direct tax update:

1. Additional disclosure requirements for Ind AS Compliant Companies. [Applicable for ITR 6]

2. Fees for late filing of return [Section 234F]. [Applicable for ITR 1 to 7]

3. Require more details of salary and house property income. [Applicable for ITR 1 and 4]

4. Additional details to be furnished by taxpayers opting for the presumptive scheme such as the amount of secured/unsecured loans, advances, fixed assets, capital account etc.
Further, new ITR 4 seeks GSTR no. of the assessee and turnover as per GST return filed by him. [Applicable for ITR 4]

5. Transfer of TDS Credit to Other Person. [Applicable for ITR 2 to 7]

6. Capital Gains in case of transfer of unquoted shares. [Applicable for ITR 2, 3, 5, 6 and 7]

7. Reporting of sum taxable as Gift. [Applicable for ITR 2, 3, 5, 6 and 7]

8. Now Partners cannot use ITR 2.

9. Revised Depreciation Schedule i.e. the highest rate of depreciation for any block of asset is restricted to 40% [Applicable for ITR 3, 5 and 6]

10. Details of business transactions with registered and unregistered suppliers under GST. [Applicable for ITR 6]

11. Assessee claiming DTAA relief is required to report more details. [Applicable for ITR 2, 3, 5 and 6]

12. Info relating to capital gains exemption to be furnished in detail. [Applicable for ITR 2, 3, 5 and 6]

13. Disallowance of expenses in case of TDS default (for residuary income). [Applicable for ITR 2, 3, 5, 6 and 7]

14. Taxability on remission of trading liability in case of ‘Income from other sources. [Applicable for ITR 2, 3, 5, 6 and 7]

15. Income from transfer of Carbon Credits. [Applicable for ITR 2, 3, 5, 6, 7]

16. Impact on profit or loss due to ICDS deviation. [Applicable for ITR 3, 5 and 6]

17. Details of GST paid and refunded. [Applicable for ITR 3, 5, and 6]

18. Removal of ‘Gender’ from personal information. [Applicable for ITR 2, 3 and 4]

19. Details of the foreign bank account of non-residents. [Applicable for ITR 2, 3, 4, 5, 6 and 7]

20. Reporting of CSR appropriations. [Applicable for ITR 6]

21. The break-up of payments/receipts in foreign currency. [Applicable for ITR 6]

22. Ownership information in case of unlisted company. [Applicable for ITR 6]

23. Trusts to disclose more information in ITR. [Applicable for ITR 7]

24. Details of fresh registration upon change of objects [Section 12A]. [Applicable for ITR 7]

25. Taxability of Dividend in excess of Rs. 10 lakhs.[Section 115BBDA] [Applicable for ITR 7]

26. No deduction for corpus donations made to other institutions [Section 11]. [Applicable for ITR 7]

27. Political Parties to confirm if cash donations are received [Section 13A]. [Applicable for ITR 7]