Change in the Income Tax Returns forms has become an annual feature. Some changes are incorporated every year. For the current year, there is *no change in the form number* as was done in the last year wherein Form No. 4 was upgraded as Form No. 3.
In the last year, columns were introduced in the ITR forms for showing the amount of cash deposits during demonetization period. The column for cash deposits is *dropped* from this year new ITR Forms.

Some other important changes are as follows:

  1. Additional disclosure requirements for IND AS Compliant Companies.[Applicable for ITR6]
  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. 4. Additional details to be furnished by taxpayers opting for presumptive scheme such as 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 source’. [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 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. 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]

Note: This list is not detailed one and for guidance only. Please go through the ITRs as and when required.

For more updates/clarification you may contact

CA Bharat Poplani


E mail: ca.bharat@bjpassociates.com

Mobile: +91-9646380245