12 Aug 2019Posted By: Mudit Handa


7 Common FAQs on the New ITR Filing Forms

Everyone knows that the government has recently revised Income-tax return (ITR) forms for Assessment Year 2019-20. The new ITR filing forms were notified on 1st April 2019, as per the Finance Act, 2019.

Along with that, the Central Board of Direct Taxes (CBDT) has also released Excel and Java Utility for ITR filing support. However, many taxpayers have raised queries with respect to reporting of key details while Income tax return filling. 

For a better understanding of the general taxpayers, here are 7 most common FAQs in relation to new Income Tax Return filing forms for FY 2018-19.

 

1. Where to enter residential status if TIN not allotted at the residence?

In case you are a non-resident (NRI) taxpayer and/or your Taxpayer Identification Number (TIN) is not allotted the jurisdiction of your residence, you can even quote your passport number instead of TIN. Here, the country where the passport was issued must be clearly mentioned under the column:- “jurisdiction of residence”.


2. Whether PAN is mandatory if I’m a director in a foreign company?

If during the previous year, you were a director in a foreign company, PAN is mandatory only if such a foreign company has been allotted a PAN. In such a case, you should enter “foreign company” against the “type of company”. 


3. Whether an NRI also required to disclose his director’s details?

Yes, an NRI taxpayer or an individual who is a resident but not ordinary resident, i.e. RONR is also required to enter the details of his directorship in any foreign company, regardless of whether it has any income arising from India.


4. What if I’ve held shares in a company listed in a foreign stock exchange?

If during the previous year you have held shares of a company, which has been listed in a stock exchange outside India, you are not required to report the shareholding details in ITR filing against the column:- 

“Whether you have held unlisted equity shares at any time during the previous year?”


5. How to report PAN of a Company that was delisted recently?

There are cases where taxpayers have held equity shares in a company which was listed in the previous year but got delisted recently. In such cases, the PAN of the company shall be furnished only if it is available. Otherwise, you may also enter a default value instead of PAN, such as- “NNNNN0000N”. 


6. Where to disclose details of shares of an unlisted foreign company in ITR filing?

If during the previous year you have held shares of an unlisted foreign company, you must duly report the same in Schedule FA of Income Tax return. Additionally, you are required to report the same once again in the column:-

 “Whether you have held unlisted equity shares at any time during the previous year?”


7. Where to report details of shares held as stock-in-trade of business?

If during the previous year you have held equity shares of a company as stock-in-trade of business, you have to report the same in Income tax return against the column:- 

“Whether you have held unlisted equity shares at any time during the previous year?”

So, these are some of the queries of the general taxpayers while the process of ITR filing.

 

It is advised to timely file your income tax return as to avoid penalty of ₹5,000/-.

If you need any kind of assistance with regard to the process of income tax return filing or TDS return filing, you can feel free to contact our business advisor at 8881-069-069.

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