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TMI BlogClarifications in respect of filling-up of return forms for the Assessment Year 2019-20X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the ITR forms, various queries were raised by the stakeholders in respect of filling-up of the ITR forms. The queries were examined in the Board and clarifications were issued to address the concerns raised therein, vide Circular No. 18 of 2019 dated 08.08.2019 and Circular No 21 of 2019 dated 27.08.2019. 2. Subsequently, further representations have been received on certain issues relating to filing of Forms ITR-5, ITR-6 and ITR-7. Accordingly, following clarifications are issued in continuation to the aforementioned Board Circulars. Question 1: In the Form ITR-6, an unlisted company, other than a start-up, is required to furnish details of shareholding in Schedule SH-I. In a case where shares have been acquired by way of transfer, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) Paid up value per share: Enter the amount received by the company for each share, from the original shareholder to whom the allotment of shares had been made, upto the end of the previous year. (vi) Share premium: - Enter the amount of premium per share at which shares were allotted b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assets and liabilities in Schedule AL-I, 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/ 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-I/ Schedule AL-2 should be filled up? Answer: In the departmental utility of ITR-6, at the beginning of Schedule AL-I/ 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-I/ScheduZe AL-2?". In case the taxpayer selects "No" in the drop-down provided against the question, the details in Schedule AL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpt 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 OS, and Schedule SI etc. Question 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 12A/12AA' under the column "section under which registered or approved". Further, in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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