2019-07-13_Corporate_Professional_Today

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July 13 To July 19, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 10

Q 6. My income is ` 60 lakhs. What type
of details of assets and liabilities I need to
mention in income-tax return?
During 2016, the Govt. had introduced new
Schedule AL in Income-tax returns requir-
ing individuals/HUFs to declare the value
of assets and liabilities if their total income
exceeds ` 50 lakhs. If taxpayer is required
to provide information in this Schedule, he
shall provide the details of cost of immovable
property, jewellery, vehicles, shares, bank and
cash balance, etc., at the year end. Further,
taxpayer is also required to disclose address
of immovable property and description of
movable assets.
Q 7. What shall be the carrying value of
assets or liabilities to be disclosed in the
Schedule AL of ITR?
Every individual or HUF having income of
more than `50 lakhs is required to furnish
information of his assets and liabilities in
Schedule AL of the ITR. The assets and li-
abilities are required to be reported at their
cost price.

In case taxpayer has acquired assets by gift,
will or any other mode specified under sec-
tion 49(1) of the Income-tax Act, 1961, the
asset shall be reported at the cost at which
previous owner has acquired it as increased
by the cost of improvement incurred by such
previous owner or by the taxpayer, as the
case may be. If cost of acquisition of previous
owner can’t be determined, the value may be
estimated at the circle rate or market value
of assets, as the case may be.

Filing of Returns
Q 8. Who are required to file return of
income electronically?
For the Assessment Year 2019-20, every taxpay-
er has to file Income-tax return electronically
except a super senior citizen (whose age is
80 years or above during the previous year
2018-19) who furnishes the return either in
ITR-1 or ITR-4.
The various options for filing of a return
have been enumerated below.

Particulars E-Filing
with DSC

E-Filing
without DSC

E-Filing
with EVC

Paper
Filing
Individual whose age is 80 years or above    
Individual or HUF who is subject to tax audit under
Section 44AB


Company 
Political Parties 
Any person filing return in ITR-5 (if tax audit is
mandatory)


Any other assessee   

Q 9. What are the modes for filing of re-
turn of income?
Return of income can be filed in paper mode
or in e-filing mode. If return of income is
filed through electronic mode, then the as-
sessee has following three options:


  1. E-filing using a Digital Signature (DSC)

  2. E-filing without a Digital Signature
    3. E-filing under Electronic Verification Code
    (EVC)
    If return of income is filed using a DSC or
    under EVC, then there is no requirement
    of sending the signed copy, ITR V (i.e., ac-
    knowledgement of return filed electronically)
    to Bangalore CPC. However, if return is filed
    without using DSC or without EVC, the as-
    sessee shall send the signed copy of ITR V


FAQs ON INCOME-TAX RETURNS FOR ASSESSMENT YEAR 2019-
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