New ITR forms seek more disclosures: Know about all important changes

The government has notified new Income-Tax Return (ITR) forms for 2018-19. These forms require some additional disclosures from assessees. For instance, the assessee had to only mention taxable income from salary and rent from house property in ITR1 and ITR4, respectively, till last year. However, in the new forms he/she has to provide detailed calcuation of these incomes, said Naveen Wadhwa, tax expert with Taxmann. There are roughly 27 changes in these ITR forms. In accordance with the Finance Act, 2018, ITR7 requires political parties to provide a declaration whether they have received any cash donation in excess of Rs 2,000. A political party loses its tax exemption for donations exceeding Rs 2,000, received in cash or any mode other than cheque, draft or digital transfer. Important changes made in these forms are given in chart:

> Previous ITRs

Assessees have to just mention taxable income in ITR1 and income from property in ITR4

ITRs for 2018-19 

Assessees have to provide detail calculation of these incomes 

> Previous ITRs

Professionals and small businesses opting for presumptive tax (which does not require maintaining of accounts) are required to provide particulars of total debtors, creditors, total  stock-in-trade and cash balance in ITR4

ITRs for 2018-19 

ITR4 seeks more financial details of business such as  amount of secured/ unsecured loans, fixed assets, capital account, etc

> Previous ITRs

No requirement of GST number for presumptive tax in ITR4

ITRs for 2018-19 

ITR4 seeks GSTR number of assessees and turnover as filled in GST forms

> Previous ITRs

No requirement for providing GST details in ITR6 for those whose accounts are not audited

ITRs for 2018-19 

ITR6 requires non-audited assessees to provide details of transaction in exempted goods and services from GST, transaction with composite dealers, transaction with registered dealers and total sum paid to them, transaction with unregistered dealers.

> Previous ITRs

No column for GST 

ITRs for 2018-19 

ITR3, 5 and 6 introduce new columns to report Central GST, State GST, Integrated GST, UT GST paid and refunds received

> Previous ITRs

Individuals filing ITR2, 3 and 4 required to mention their gender

ITRs for 2018-19 

No requirement of mentioning gender

> Previous ITRs

No requirement for disclosing balance sheet as per Indian Accounting Standards (IND AS)

ITRs for 2018-19 

Those coming under new standards have to disclose balance sheet as per IND-AS in ITR6

> Previous ITRs

No requirement of mentioning income from carbon credits

ITRs for 2018-19 

ITRs 2,3,5,6,7 require disclosure of income earned from carbon credits and tax thereon

> Previous ITRs

No requirement for providing details of ownership of unlisted firms in detail

ITRs for 2018-19 

ITR6 requires unlisted firms to provide details of all beneficial owners who own at least 10% of voting power directly or indirectly

> Previous ITRs

Taxpayer availing capital gains tax exemptions not required to provide the date of transfer of capital assets 

ITRs for 2018-19 

Required to mention date in ITRs 2,3,5 and 6

> Previous ITRs

No column for political parties 

ITRs for 2018-19 

ITR7 requires political parties to provide a declaration by selecting 

‘Yes’ or ‘No’ check boxes to confirm whether they received any cash donation in excess of Rs 2,000