After representations received on certain issues relating
to filing of Forms ITR-5, ITR-6 and ITR-7 for AY 2019-20, CBDT has issued
clarification vide circular no 26 of 2019 dated 26th September, 2019.
The FAQ extracted from that circular are as follows:
FAQ 1: In the Form ITR-6, an unlisted company, other than a
start-up, is required to furnish details of shareholding in Schedule SH-1. In a
case where shares have been acquired by way of transfer, please clarify how the
columns on "Date of allotment", "Issue price" and"
Amount received" should be filled up?
Answer: In case
shares have been acquired by the shareholder by way of transfer, and not by way
of allotment made by the company, the details of shareholding should be entered
in the respective columns of the Table in Schedule SH-l, as under-
(i) Name of
Shareholder: Enter name of the person holding shares as on end of the
previous year (current shareholder).
(ii) Date of
allotment: Enter date on which shares were transferred to the current
shareholder as per companies register.
(iii) Face value
per share: Enter the face value per share at which the shares had been
originally allotted by the company.
(iv) Issue
price per share: Enter the price at which shares were issued by the company
to the original shareholder to whom the company had allotted the shares.
(v) Amount
received: Enter the total amount received by the company from the original
shareholder to whom the allotment of shares had been made, upto the end of the
previous year.
FAQ 2: Please clarify whether it is mandatory to mention PAN
number of shareholder in Schedule SH-1. In a case where shareholder is resident
of a foreign country having no PAN, or in case where PAN of shareholder is not
available for other practical reasons, it is not possible to fill up PAN of all
shareholders in the Schedule SH-l.
Answer: PAN of
shareholder should be furnished in Schedule SH-l, if available. However, in
case the shareholder is a non-resident, having no PAN, a default value can be
entered in place of PAN such as "NORES9999N". Similarly, in case PAN
of the shareholder is not available due to any other reason, a default value
can be entered in place of PAN such as "NOAVL9999N"
FAQ 3: An unlisted company registered under section 8 of
Companies Act 2013 or Section 25 of the Companies Act 1956 does not have share
capital. In such case, how the details required in Schedule-SH-l are required
to be filled up?
Answer: In the
departmental utility ofITR-6, at the beginning of Schedule SH-l, the taxpayer
is required to answer the question -"Are you a company registered under
Section 8 of Companies Act 2013 or Section 25 of Companies Act 1956?". In
case the taxpayer selects "Yes" in the dropdown provided against the
question, the details in Schedule SH-l are not required to be filled up.
FAQ 4: An unlisted company, other than a start-up, is required
to furnish details of assets and liabilities in Schedule AL-1, which is
mandatory. A start-up is required to furnish details of assets and liabilities
in Schedule AL-2. In a case where the unlisted company I start-up does not hold
any of the assets specified therein as at the end of the previous year, please
clarify how the details in Schedule AL-1/Schedule AL-2 should be filled up?
Answer: In the
departmental utility of ITR-6, at the beginning of Schedule AL-1/ Schedule AL2,
the taxpayer is required to answer the question _"Do you have assets and
liabilities as at the end of the year as mentioned in Schedule AL-1/Schedule
AL-2?". In case the taxpayer selects "No" in the drop-down
provided against the question, the details in Schedule AL-1/Schedule AL-2 are
not required to be filled up. In case the taxpayer selects "Yes" in
the drop-down provided against the question, it is mandatory to furnish the
requisite details in at least one of the Tables given in Schedule AL-1/Schedule
AL-2.
FAQ 5: An AOP IBOI is chargeable to tax at slab rate. However,
while filing return of income in ITR-S, the departmental utility is charging
tax at maximum marginal rate?
Answer: In Part
A - General of the ITR-S, the particulars of members of the AOP/BOI are
required to be furnished alongwith their respective shares. In case these
particulars are not provided, or incorrectly provided (e.g. total of shares of
the members does not add up to 100%), the tax is being charged at maximum
marginal rate.
FAQ 6: I am a private trust and am trying to file return of
income in Form ITR-2. However, I am unable to file ITR-2 for A.Y. 2019-20. ?
Answer: As per
rule 12 of the Income-tax Rules, only individuals and HUFs, not having any
income under the head business or profession, are eligible to file ITR-2. A
private trust is required to furnish return of income in ITR-5.
FAQ 7: An investment fund or a business trust is required to
file return of income in ITR-S. Please clarify how their income should be shown
in Schedule SI etc.?
Answer: An
investment fund claiming exemption under section 10(23FB) or 10(23FBA), or a
business trust claiming exemption under section 10(23FC) or 10(23FCA), have to
enter the amount of exempt income directly in column 12(b) or column 12(c),
respectively, of the Part B - TI (computation of income) in the ITR-5. Such
entities are not required to fill up the headwise details in Schedule BP,
Schedule HP, Schedule CG, Schedule as, and Schedule SI etc.
FAQ 8: I am a trust registered under section 12A/12AA filing
return of income in ITR-7. The amount received as corpus donation should be
treated as exempt. However the departmental utility is including this amount as
part of total income?
Answer: In Part
A - General, in the table "Details of registration or approval under the
Income tax Act", please enter 'section lZA/I2AA' under the column
"section under which registered or approved". Further, in the column
on filing status, please choose "section 11" in the drop-down
provided against the field "please specify the section under which the
exemption is claimed". If these details are furnished correctly in Part
A-General, the amount of corpus donation would not be included in total income.
FAQ 9: I am a trust/ society/company claiming exemption under
section 10 or section 13A or section 13B and filing return of income in ITR-7.
However the departmental utility is charging tax even on the amount shown as
exempt income?
Answer: The
claim of exemption under section 10 or section 13A or section 13B by such
entities should be entered directly in the relevant column of the Part B-TI
(computation of income) in ITR-7. The income and expenditure statement should
be furnished in the applicable Schedule i.e. Schedule 1E-1 or IE-2 or IE-3 or
IE-4. Such entities are not required to fill up the headwise details in
Schedule BP, Schedule HP, Schedule CG, Schedule as, and Schedule SI etc.
