This is being the first year of GST implementation the government has taken bit extra time as compared to the last year in notifying the relevant ITR’s. Apart for the additional reporting requirement under the Income tax Act the word GST has been mentioned at 35 places in the newly notified ITR-6, which clearly means the GST related reporting has to be mentioned at 35 places. the GST has made the changes at the following places:
- Profit & Loss Account.
- Other Information. and
- Schedule GST
Here are the list of sixteen changes and additional reporting requirement that newly notified ITR-6 contains:
1. New Schedule applicable for the Ind AS compliant companies.
2. Separate reporting of ICDS impact at the following schedule:
- Schedule OI
- Schedule BP
- Schedule ICDS
3. Space to enter the late filing fee (Section 234F) for the delay in the filing of ITR.
4. The long-pending issue related to the transfer of TDS to another person, now there is a space in the ITR to transfer the TDS the income of which is taxable in the hand of some other person.
5. In the case of sale of shares of unlisted companies, the requirement to disclose the Actual Sales consideration and Fair Market value of the shares.
6. Where DTAA benefits have been claimed the following additional information shall be disclosed:
- Country name & Code
- Article of DTAA
- DTAA Rate as per Treaty
- Whether TRC obtained
- Section of I.T. Act
- Rate as per I.T. Act
- Applicable rate
7. Separate reporting of Income under section 56(2)(x).
8. Separate reporting of the income for carbon credit at the following places:
- Part B – TI - Computation of total income
- Schedule OS - Income from other sources
- Schedule SI - Income chargeable to tax at the special rate
9. In the depreciation schedule, new columns have also been inserted to enable the entities to claim proportionate depreciation in the event of the business reorganization, i.e., demerger, amalgamation, etc.
10. New GST Schedule applicable to companies not covered under Income Tax Audit:
- Expenditure related to goods and services exempted from the GST
- Expenditure related to goods and services taken for the composition dealer
- Expenditure relating to the other registered entities.
- Total payment to registered entities.
- Expenditure relating to the entities not registered under the GST
11. New Schedule for the Break-up of payments/receipts in Foreign currency applicable to companies not covered under Income Tax Audit:
- Payments made during the year on capital account
- Payments made during the year on revenue account
- Receipts during the year on capital account
- Receipts during the year on revenue account
12. GST paid or refunded to be disclosed.
13. Reporting of disallowances while computing the Income for Other sources.
14. Every unlisted company to provide the following details of all beneficial owners who are holding 10% or more voting power (directly or indirectly) at any time during the year 2017-18:
- percentage of shares held
- PAN of the beneficial owners
15. Appropriation towards Corporate Social Responsibility (CSR) activities and expenditure incurred on CSR.
16. Separate requirement to disclose the income u/s 59 pertaining to remission of trading liability
Tags :itrIncome Tax