Summary of Key Changes:
1. Break-up
of details as per GST returns: Corporate taxpayers whose turnover
is up to INR10m are required to provide the break-up of total expenditure with
GST registered and non-registered entities. In relation to expenditure with GST
registered entities, it further requires the break-up of expenditure relating to
exempt supply covered under the composition scheme, and other registered
entities for the period on or after 1 July 2017, being the GST applicability
date.
2. GST
Details: Taxpayers covered by presumptive taxation are required to
submit GST registration number and the amount of turnover/gross receipt as per
returns furnished under the GST laws.
3. Requirement
to furnish compressed balance sheet: For taxpayers covered by
presumptive taxation scope of reporting details of assets held in business has been
expanded substantially. As against specific details of four items, being
inventory, cash in hand, debtors and creditors, the revised ITR-4 requires
additional details of capital balance, secured loans, unsecured loans,
advances, other liabilities, fixed assets, bank balances, loans and advances,
and other assets.
4. ITR-7
additional Discolsure: now provides for mandatory
filing of particulars of author, founders, trustees or managers of the trust or
institution, as against the optional requirement in past. The information to be
provided includes name, address, PAN and Aadhaar number of such persons.
Applicability of ITR Forms for Various Entities:
Form
|
Category
of taxpayers
|
Sources
of income covered
|
ITR-1 (SAHAJ)
|
Individuals (resident and ordinarily resident)
|
Who can file ITR-1
·
Has income from salaries or family
pension, or
·
Income from one house property, or
·
Income from other sources
Who cannot file ITR-1
·
Who has an asset or signing authority in
any account outside India or earns income from any source outside India, or
·
Who has claimed tax treaty relief and/or
unilateral double tax relief, or
·
Has agricultural income above INR 5,000,
or
·
Has total income above INR 5m, or
·
Has dividend income exceeding INR 1m attracting super rich dividend tax levy,
or
·
Has unexplained credits or investment
taxable at 60% under the provisions of the ITL, or
·
Has capital gains or business income, or
·
Income from more than one house property
or has brought forward loss or loss to be carried forward under the house
property head, or
·
Income from lotteries or horse races or
loss under the other sources head
|
ITR-2
|
Individuals and HUFs
|
·
Has income from salaries, or
·
Income from house property, or
·
Capital gains, or
·
Income from other sources
|
ITR-3
|
Individuals and HUFs
|
·
Has income from business or profession
|
ITR-4 (SUGAM)
|
Individuals, HUFs, firms (other than limited liability
partnerships (LLPs))
|
·
Profits and gains from business and
professions to which presumptive tax provisions apply
|
ITR-5
|
For firms/LLPs/Association of Persons (AOPs)
|
·
Income from house property
·
Capital gains
·
Profits and gains from business and
profession
·
Income from other sources
|
ITR-6
|
Companies other than those filing ITR-7
|
·
Income from house property
·
Capital gains
·
Profits and gains from business and
profession
·
Income from other sources
|
ITR-7
|
Persons requiring to furnish return of income in circumstances
specifically provided for under the ITL viz., charitable trusts and other
institutions, political parties, business trusts etc.
|
·
Income from house property
·
Capital gains
·
Profits and gains from business and
profession
·
Income from other sources
|
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