CBDT issues clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20

CBDT issues clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20

August 10, 2019 Fiscal, Industries, states 0

Central Board of Direct Taxes (CBDT) has issued Circular No. 18/2019 dated 8th August, 2019 to provide clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20.

Key points of the Circular are:

  1. It has been clarified that, for Non Residents if Taxpayer Identification Number (TIN) is not allotted, then Passport number can be provided instead of TIN and name of the country in which the passport was issued should be mentioned in the column “jurisdiction of residence”.
  2. It has been clarified that, individual who is a non-resident, or resident but not ordinary resident are also required to disclose details of his directorship in a foreign company which does not have any income accruing or arising in India.
  3. It has been clarified that, in case of shares held of a company during the previous year, which are listed in a recognized stock exchange outside India, the same not shall be reported in the column “Whether you have held unlisted equity shares at any time during the previous year” of the ITR.
  4. It has been clarified that, in case of equity shares held of a company which were previously listed in a recognized stock exchange, but got delisted subsequently, and PAN of such delisted company cannot be obtained, then default value in case of PAN i.e. “NNNNN0000N” can be entered in the ITR.
  5. It has been clarified that, in case unlisted equity shares which has been acquired or transferred by way of gift, will, amalgamation, merger, demerger, or bonus issue etc., the same shall be entered at zero or the appropriate value against “cost of acquisition” or “sale consideration” in the relevant column in the ITR.
  6. It has been clarified that, the details of shares held in an unlisted foreign company shall be duly reported in the Schedule FA and against the column “Whether you have held unlisted equity shares at any time during the previous year” in the ITR.
  7. It has also been clarified that, unlisted equity shares held as stock-in-trade of business during the previous year is required to be reported in the column “Whether you have held unlisted equity shares at any time during the previous year” in ITR.
  8. It has also been clarified that, in case of sale of land and building to a non-resident, the PAN of buyer is required to be quoted in the Table A1/B1 in Schedule CG of ITR only if tax is deducted under Section 194-IA of the Income Tax Act, 1961.
  9. It has also been clarified that, In Schedule AL-1 of ITR-6 ,the details of jewellery/motor vehicle etc. held as stock-in-trade of business shall be reported in Schedule AL-1 of ITR-6. The same shall be reported by selecting “stock-in-trade” against the field “purpose for which used”, while filling up details in the relevant table (table “I‟ or table “H‟).
  10. It has further been clarified that, the details of foreign assets held during the previous year shall be duly reported in the Schedule FA as well as in the Schedule AL of ITR.
  11. It has further been clarified that, unlisted foreign companies are not required to provide details of shareholding as at the end of previous year in the Schedule SH-1 of ITR-6.
  12. It has further been clarified that, unlisted foreign companies are not required to provide details of assets and liabilities in the Schedule AL-1 of ITR-6.
  13. It has further been clarified that, a company is required to disclose the break-up of receipts and payments in foreign currency in Schedule FD of ITR-6, only in respect of business operations in India.

For further details please refer the attached document.

Source: Central Board of Direct Taxes

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