CBDT again issues clarifications on Filling-up of Return Forms for the Assessment Year 2019-20 [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has again issued clarifications on filling-up of Return Forms for the Assessment Year 2019-20.

The Income Tax Return (ITR) forms for the Assessment Year (AN.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 01st day of April 2019. Subsequently; instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms was also released.

After notification 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.

The CBDT clarified that, In case shares have been acquired by the shareholder by way of transfer, and not by way of allotment made by the company, the details of shareholding should be entered in the respective columns of the Table in Schedule SH-1, as under-(i) Name of Shareholder: – Enter name of the person holding shares as on end of 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) The amount received: – Enter the total amount received by the company from the original shareholder to whom the allotment of shares had been made, up to the end of the previous year. In the case of start-ups, the details of shareholding are required to be furnished in Schedule SH-2.

The CBDT also said that, In cases where shares of a start-up company have been acquired by the shareholder by way of transfer, the details of shareholding should be entered in the respective column of the table in Schedule SH-2, as under-

(i) Name of Shareholder: – Enter name of the person holding shares as on end of 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) The 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, up to the end of the previous year. (vi) Share premium: – Enter the amount of premium per share at which shares were allotted by the company to the original shareholder.