{"id":22860,"date":"2019-08-09T19:04:09","date_gmt":"2019-08-09T13:34:09","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=22860"},"modified":"2019-10-31T14:10:56","modified_gmt":"2019-10-31T08:40:56","slug":"cbdt-clarifications-for-itr-filing-of-ay-2019-2020","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/cbdt-clarifications-for-itr-filing-of-ay-2019-2020\/","title":{"rendered":"Read CBDT Clarifications for ITR Filing of AY 2019-2020"},"content":{"rendered":"<p class=\"has-drop-cap\">There are various queries in the mind of taxpayers ever since the new ITR forms came into effect for the <strong>financial year 2018-2019<\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/Pages\/about-us\/central-board-of-direct-taxation.aspx\">[1]<\/a><\/sup> and assessment year 2019-2020.<\/p>\n\n\n\n<p>The income\ntax department reportedly receiving numerous queries on daily <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a> from\ntaxpayers related to the filing of Income Tax Returns. Hence, in order to\nprovide clarifications to the taxpayers, the Central Board of Direct Taxes\nissued circular on 8th august 2019. The circular states common queries raised\nby the taxpayers along with their clarifications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The following\nclarifications are being answered by the CBDT in a circular.<\/h2>\n\n\n\n<p><strong>Question.1:<\/strong> I am a non-resident. The Taxpayer\nIdentification Number (TIN) is not allotted in my jurisdiction of residence.\nHow do I report the same in the column on &ldquo;residential status&rdquo;? <\/p>\n\n\n\n<p><strong>Answer:<\/strong> In case TIN has not been allotted in the jurisdiction of residence, the passport number should be mentioned instead of TIN. The name of the country in which the passport was issued should be mentioned in the column &ldquo;jurisdiction of residence&rdquo;.<\/p>\n\n\n\n<p><strong>Question.2:<\/strong> I am a director in a foreign company\nwhich does not have PAN. How do I report the same against the column &ldquo;Whether\nyou were Director in a company at any time during the previous year?&rdquo; <\/p>\n\n\n\n<p><strong>Answer:<\/strong> You should choose &ldquo;<strong>foreign company<\/strong>&rdquo;<sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Foreign_ownership\">[2]<\/a><\/sup> in the drop-down provided for &ldquo;type of company&rdquo;. In such a case, PAN is not mandatory. However, PAN should be mentioned, if such foreign company has been allotted a PAN.<\/p>\n\n\n\n<p><strong>Question.3:<\/strong> Whether an individual who is a non-resident, or resident but not an ordinary resident (RoNR) is also required to disclose details of his directorship in a foreign company that does not have any income accruing or arising in India?<\/p>\n\n\n\n<p>&nbsp;<strong>Answer:<\/strong>\nYes. <\/p>\n\n\n\n<div class=\"mt-2 mb-3 inner-add-form-blog\">\n\t\t\t\t\t\t\t \t<div class=\"row align-content-center\" style=\"align-items: center;\">\n\t\t\t\t\t\t\t\t \t<div class=\"col-xs-12 col-sm-12 col-md-12 col-lg-4\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"enterslice-logo-form\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/myamcatimages\/company\/images\/5220.png\" alt=\"logo enterslice\"\/>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"col-xs-12 col-sm-12 col-md-12 col-lg-8\">\n\t\t\t\t\t\t\t\t\t\t<h3>Income Tax Return Filing<\/h3>\n\t\t\t\t\t\t\t\t\t\t<ul class=\"check-none\">\n\t\t\t\t\t\t\t\t\t\t\t<li>ITR Filing between 1st August to 31st December &ndash; Rs. 5000\/-<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li>ITR Filing after 31st December &ndash; Rs. 10,000\/-<\/li>\n\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/enterslice.com\/income-tax-return-filing\" class=\"btn-learn-more\">Learn More<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t <\/div>\n\t\t\t\t\t\t\t <\/div>\n\n\n\n<p><strong>Question.4<\/strong>: I have held shares of a company\nduring the previous year, which are listed in a recognized stock exchange\noutside India. Whether I am required to report the requisite details against\nthe column &ldquo;Whether you have held unlisted equity shares at any time during the\nprevious year?&rdquo; <\/p>\n\n\n\n<p><strong>Answer:<\/strong> No.<\/p>\n\n\n\n<p><strong>Question.5<\/strong>: I have held equity shares of a company which were previously listed in a recognized stock exchange, but delisted subsequently, and became unlisted. How do I report PAN of the company in the column &ldquo;whether you have held unlisted equity shares at any time during the previous year&rdquo;?<\/p>\n\n\n\n<p>&nbsp;<strong>Answer:<\/strong> In such cases, the PAN of the company may be furnished if it is available. In case PAN of the delisted company cannot be obtained, you may enter a default value in place of PAN, as &ldquo;NNNNN0000N&rdquo;. <\/p>\n\n\n\n<p><strong>Question.6:<\/strong> In case unlisted equity shares are acquired or transferred by way of gift, will, amalgamation, merger, demerger, or bonus issue, etc., how to report the &ldquo;cost of acquisition&rdquo; and &ldquo;sale consideration&rdquo; in the relevant column? <\/p>\n\n\n\n<p><strong>Answer:<\/strong> You may enter zero or the\nappropriate value against &ldquo;cost of acquisition&rdquo; or &ldquo;sale consideration&rdquo; in such\ncases. Please note that the details of unlisted equity shares held during the\nyear are required only for the purpose of reporting. The quantitative details\nentered in this column are not relevant for the purpose of computation of total\nincome or tax liability.<\/p>\n\n\n\n<p><strong>Question.7:<\/strong> I hold shares in an unlisted foreign\ncompany which has been duly reported in the Schedule FA. Whether I am required\nto report the same again in the column &ldquo;Whether you have held unlisted equity\nshares at any time during the previous year?&rdquo;<\/p>\n\n\n\n<p><strong>Answer:<\/strong> Yes. <\/p>\n\n\n\n<p><strong>Question. 8<\/strong>: I have held unlisted equity shares\nas stock-in-trade of business during the previous year. Whether I have to\nreport the same in the column &ldquo;Whether you have held unlisted equity shares at\nany time during the previous year?&rdquo; <\/p>\n\n\n\n<p><strong>Answer:<\/strong> Yes. <\/p>\n\n\n\n<p>Question. 9: Please clarify whether the holding of equity shares of a Co-operative Bank or Credit Societies, which are unlisted, are required to be reported?<\/p>\n\n\n\n<p>&nbsp;<strong>Answer<\/strong>: The details of equity shareholding in any entity which is registered under the Companies Act, and is not listed on any recognized stock exchange, is only required to be reported.<\/p>\n\n\n\n<p>&nbsp;<strong>Question. 10<\/strong>: I have sold land and building to a non-resident. Whether I need to report the PAN of the buyer in the table A1\/B1 in Schedule CG? <\/p>\n\n\n\n<p><strong>Answer<\/strong>: As mentioned in the <strong><a href=\"https:\/\/enterslice.com\/income-tax-return-filing\">ITR form<\/a><\/strong>, quoting of PAN of the buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.<\/p>\n\n\n\n<p>&nbsp;<strong>Question.11:<\/strong> I am a resident and have sold land and building situated outside India. Whether I need to report the details of the <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Property&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Property refers to the legal designation of ownership over valuable items or assets held by an individual or a business. This ownership grants the holder certain legal rights to use, consume,(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/property\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>property<\/a> and identity of the buyer in Schedule CG? <\/p>\n\n\n\n<p><strong>Answer:<\/strong> The details of the property and name of the buyer should invariably be mentioned. However, quoting of PAN of the buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents. <\/p>\n\n\n\n<p>&nbsp;<strong>Question.\n12:<\/strong> Whether it is mandatory to provide ISIN details and scrip-wise\ncomputation of Long Term Capital Gains (LTCG) arising on sale of Shares\/Mutual\nFunds units on which STT has been paid? <\/p>\n\n\n\n<p><strong>Answer:<\/strong> The tools for the computation of LTCG under sections 112A and 115AD have been provided in the departmental utility for the convenience of taxpayers. These are optional tools designed for computation of the final figures of LTCG, which is then populated in the respective items in Schedule CG. Alternatively, the taxpayers can themselves compute the aggregate long term gain or loss manually, and input the same direction in the respective items in Schedule CG.<\/p>\n\n\n\n<p><strong>Question.13<\/strong>: An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of <strong><a href=\"https:\/\/enterslice.com\/learning\/how-to-claim-income-tax-refund-online\/\">ITR-6<\/a><\/strong>? Please clarify whether details of assets held as stock-in-trade of business are also required to be reported therein. <\/p>\n\n\n\n<p><strong>Answer:<\/strong> In case jewelry\/motor vehicle etc. is held as stock-in-trade of business, the drop-down value &ldquo;stock-in-trade&rdquo; should be selected against the field &ldquo;purpose for which used&rdquo;, while filling up details in the relevant table (table &bdquo;I&#8223; or table &bdquo;H&#8223;). In such cases, only the aggregate values are required to be filled up, and the particular details of each asset held as stock-in-trade are not required to be reported. <\/p>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/how-to-claim-income-tax-refund-online\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Claim Income Tax Refund Online?<\/a><\/mark>.<\/p><\/div>\n\n\n\n<p><strong>Question.14:<\/strong> I hold foreign assets during the\nprevious year which have been duly reported in the Schedule FA. Whether I am\nrequired to report such foreign asset again in the Schedule AL (if applicable)?\n<\/p>\n\n\n\n<p><strong>Answer:<\/strong> Yes. <\/p>\n\n\n\n<p><strong>Question.15:<\/strong> An unlisted company is required to furnish details of shareholding as at the end of the previous year in the Schedule SH-1 of ITR-6. Please clarify whether these details are required to be furnished in case of an unlisted foreign company. <\/p>\n\n\n\n<p><strong>Answer:<\/strong> Not required.<\/p>\n\n\n\n<p>&nbsp;<strong>Question.16:<\/strong>\nAn unlisted company is required to furnish details of assets and liabilities in\nthe Schedule AL-1 of ITR-6. Please clarify whether these details are required\nto be furnished in case of an unlisted foreign company.<\/p>\n\n\n\n<p><strong>&nbsp;Answer:<\/strong> Not required. <\/p>\n\n\n\n<p><strong>Question.17:<\/strong> Please clarify whether a farmer\nproducer company as defined in section 581A of Companies Act, 1956 is required\nto furnish details of shareholding in the Schedule SH-1 of ITR6?<\/p>\n\n\n\n<p><strong>&nbsp;Answer:<\/strong> No. However, please ensure to tick the option &bdquo;Yes&#8223; against the item &ldquo;whether the company is a production company as defined in section 581A of Companies Act, 1956?&rdquo; in Part-A General. <\/p>\n\n\n\n<p><strong>Question.18<\/strong>: A company is required to disclose\nbreak-up of all payments and receipts during the year, in foreign currency, as\nper Schedule FD of ITR-6 (if it is not required to get the accounts audited u\/s\n44AB). Please clarify whether only the receipts\/payments related to business\noperations in India are required to be reported in Schedule FD? 4<\/p>\n\n\n\n<p><strong>&nbsp;Answer:<\/strong> Yes. In Schedule FD, the break-up of receipts and payments\nin foreign currency is required to be reported only in respect of business\noperations in India.<\/p>\n\n\n\n<p><strong>&nbsp;Question.19:<\/strong> In schedule TDS, one is required to enter the head under which the corresponding receipt has been offered. In some cases, TDS is deducted by the payer in the current year, but the corresponding income is to be offered in future years. How to fill up Schedule TDS in such cases? <\/p>\n\n\n\n<p><strong>Answer:<\/strong> In such cases, no TDS credit should\nbe claimed under the column &ldquo;in own hands&rdquo; for the current year. If this is\ndone, the column &ldquo;Corresponding receipt offered&rdquo; is greyed-off and is not\nrequired to be filled up.<\/p>\n\n\n\n<p>Note:&nbsp; The source of the above-mentioned Information is the circular no Circular No. 18 of 2019 issued as on 8<sup>th <\/sup>August 2019. <\/p>\n\n\n\n<p>Read More: <a href=\"https:\/\/enterslice.com\/learning\/how-to-claim-income-tax-refund-online\/\">How to Claim Income Tax Refund Online?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are various queries in the mind of taxpayers ever since the new ITR forms came into effect for the financial year 2018-2019[1] and assessment year 2019-2020. The income tax department reportedly receiving numerous queries on daily basis from taxpayers related to the filing of Income Tax Returns. Hence, in order to provide clarifications to [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":22861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1473,1],"tags":[2650],"acf":{"service_id":"220"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBDT Clarifications for ITR Filing of AY 2019-2020<\/title>\n<meta name=\"description\" content=\"CBDT issued clarifications for taxpayers to fill ITR forms for AY 2019-20. Read CBDT Clarifications for ITR Filing of AY 2019-2020.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/cbdt-clarifications-for-itr-filing-of-ay-2019-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBDT Clarifications for ITR Filing of AY 2019-2020\" \/>\n<meta property=\"og:description\" content=\"CBDT issued clarifications for taxpayers to fill ITR forms for AY 2019-20. Read CBDT Clarifications for ITR Filing of AY 2019-2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/cbdt-clarifications-for-itr-filing-of-ay-2019-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-09T13:34:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-31T08:40:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/08\/CBDT-Clarifications-for-ITR-Filing-AY-2019-2020.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Akash Dubey","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/DSC_04891.jpg","authorDescription":"Akash Dubey is a Law Graduate and works as an\r\nAdvisor at Enterslice. He is proficient in Legal\r\nand Financial Advisory. His expertise in the\r\nskills of Legal and Financial Research is an aid\r\nto his strengths as an Advisor.","postViews":395,"readingTime":5,"nextPost":{"id":22813,"slug":"revenue-recognition-comprehensive-analysis"},"prevPost":{"id":22848,"slug":"cbdt-news-raise-in-limits-for-filing-income-tax-appeals"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/08\/CBDT-Clarifications-for-ITR-Filing-AY-2019-2020.jpg","postTerms":"Income Tax","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/22860"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=22860"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/22860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/22861"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=22860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=22860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=22860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}