Finance Ministry issues FAQs of filling-up of Income Tax Return Forms for Assessment Year 2019-20

The Finance Ministry has issued Frequently Asked Questions (FAQs) of filling-up of Income Tax Return Forms for Assessment Year 2019-20.

The Income-tax return (ITR) forms for the Assessment Year 2019-20 have been notified on 01.04.2019. Subsequently, queries have been raised by the stakeholders in respect of filling-up of the ITR forms.

These queries are primarily in respect of the reporting of certain details in the ITR forms, such as reporting of directorship in a foreign company, reporting of equity shares listed outside India, unlisted shares which were previously listed, reporting of unlisted shares received by way of gift, will, amalgamation etc. and reporting of certain assets held as stock-in-trade.

The queries have been examined by CBDT and have been clarified vide Circular No. 18 /2019 dated 08th August, 2019.