Key changes in the New ITR forms (ITR 3-7)

By CA Sahil Jain

Salient Features of key changes in the New ITR forms (ITR 3, 4, 5, 6, 7)

  1. Quoting of Aadhaar Number and passport number [ITR 3, 4]
  2. Date of Formation of HUF [ITR 4]
  3. Return filed pursuant to order of CBDT under Section 119 [ITR 3, 4, 5, 6, 7]- If assessee is filing return of income pursuant to an order of CBDT under Section 119(2)(b), it shall tick the check-box [ under Section 119(2)(b)] introduced in the new ITR forms.
  4. Mandatory quoting of expenditure on CSR activities [ITR 6]
  5. Column for allowing deduction under section 32AC [ITR 6]
  6. Alternate Minimum Tax [ITR 4, 5, 7] – The return forms have been revised to include Section 35AD deduction for computation of adjusted total income.
  7. Foreign Institutional Investor (FII) and Foreign Portfolio Investor (FPI) are required to furnish their SEBI registration number in the new return Form. [ITR 5, 6]
  8. Details of all bank accounts held by assessee (except Dormant Account) [ITR 3, 4, 5, 6, 7]
  9. Details of change in partners/members [ITR 5]
  10. Details of interest rate and remuneration payable to partners/members [ITR 5]
  11. Bifurcation of interest paid to resident and non-resident [ITR 5]
  12. Verification [ITR 3, 4, 5, 6, 7] – Where return is being furnished under section 92CD, assessee shall provide an additional declaration that the critical assumptions specified in the agreement have been satisfied and all the terms and conditions of the agreement have been complied with.
  13. Changes have been made in the ITRs for treating securities held by FIIs as capital asset [ITR 3, 4, 5, 6]
  14. Reporting of amount that has remained unutilized in capital gains account [ITR 3, 4, 5, 6]
  15. Details of income taxable under DTAA [ITR 3, 4, 5, 6]
  16. Details about the foreign assets and foreign income [ITR 3, 4, 5, 6, 7]
  17. Concessional tax rate in case of sale of listed securities (other than unit) [ITR 3, 4, 5, 6]
  18. Details of agricultural income [ITR 3, 4, 5, 6]
  19. Reporting of deemed let-out house property [ITR 3, 4, 5, 6, 7]
  20. Reshuffling of Schedules [ITR 3, 4, 5, 6, 7] – Schedule IT, TDS1, TDS2 and TCS.

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