1. New ‘Schedule DI’ to furnish details of investments made during the extended period of 30/6/2020
2.An individuals, entering into certain high-value transactions, who is otherwise not required to file the return will have to file return
3. Reporting of income or loss from pass-through entities
- FA 2020 allow pass-through of losses (other than business loss) as well
- Returns are modified to cover reporting of pass through loss (accumulated and current) by unit holders and reporting of distribution of such loss (being other than business loss) by fund
4. Reporting of cash receipt or payment where turnover of assessee is between Rs. 1 crore to Rs. 5 crore
5. Angel tax information not to be filed by sec 8 companies
6. Reporting of income separately which is chargeable to tax at lower rate as per DTAA
7. Furnishing details of tax paid on Secondary Adjustments
- FA 2019 allowed assessed to pay tax @ 18% to avoid secondary adjustment
- Return covers details of primary adjustment, additional tax payable and tax payments
8. DIN is required if return is filed in response to a notice
9. Assessee can choose multiple bank accounts for payment of refund
10. Trust to furnish details of re-registration made under the new provisions
11. Details of the authorized person verifying the ITR of the company to be furnished
12. Builders are now allowed to declare SOP as per sec 23(5)
13. Assessee to report basic information & “type of company” in which he is director
14. Introducing Zip codes reporting in Schedule FA for various fixed assets owned by the assessee including Financial and beneficial Interest in any Entity
- Immovable Property
- any other Capital Asset
- Any signing accounts
- Trust outside India
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