IN NEW ITR 3, IT IS NECESSARY TO MENTION BUSINESS CODE FOR PARTNERS HAVING INCOME FROM PARTNERSHIP FIRM ( NO OTHER BUSINESS INCOME). AFTER WRITING CODE IT SHOWN NO ENTRY IN BALANCE SHEET & PROFIT LOSS ACCOUNT OR NO ENTRY IN CASE OF NO BOOKS OF ACCOUNTS SO WHETHER 139(9) WILL RECEIVE FOR THIS ERROR ? OR IF YES WHAT TO DO IN THESE CASES AS THERE IS NO BUSINESS INCOME FOR WHICH BALANCE SHEET & P/L REQUIRE TO FEED?
There have been changes made in the field for Residential Status. This field has now been divided into two categories i.e. – ‘Residential Status in India(for individuals)’ and ‘Residential Status in India(For HUF)’. The field ‘Residential Status in India(for individuals)’ has further 3 sub-categories i.e. ‘Resident’, ‘Resident but no ordinarily resident’ and ‘ Non-resident’. In case of non-residents, an individual will need to specify the jurisdiction of residence during the previous year.
Suppose, the Income Tax Return is being filed by a representative assessee then additional information on the capacity of the representative assessee need to be provided.
An individual taxpayer will have to give information on investments made in unlisted equity shares and any movement in these investments throughout the year.
An individual taxpayer has to disclose about the Directorship if held in a firm during the previous year and also have to disclose whether the shares are listed or unlisted equity shares.
If an individual taxpayer is a partner in a firm then he needs to disclose the details of name and the PAN of the firm.
The partners of partnership firms as against ITR-2 need to file their Income Tax Returns by ITR-3.
Individual taxpayer should disclose the details on the computation of presumptive income under Section 44AD, 44ADA,44AE, etc.
The break-up of all exempted income and the deductions under Schedule S has to be provided.
In Schedule HP i.e. details of income from house property , if the TDS credit is claimed the PAN of tenant need to be disclosed.
In Schedule VIA, there has been introduction of deductions under Section 80TTB for senior citizens.
In Schedule GST, information regarding turnover or Gross receipt reported for GST has to be disclosed
In Schedule 80G, there has been a bifurcation of donation qualifying for deduction under Section 80G into cash mode and any other mode. Similarly, disclosures need to be made under Section RA for those donations which are made to research associations under Section 35.