Skip to content
Blog

Major Changes in ITR  Form 3 for AY 2020-21

Major Changes in ITR  Form 3 for AY 2020-21

 
  • The taxpayer should disclose: 
(a) the amount of cash deposits above Rs 1 crore in the current accounts with a bank,
(b) expenditure incurred above Rs 2 lakh on foreign travel 
(c) expenditure incurred above Rs 1 lakh on electricity.
 
  • In case an individual is a director in a company or holds unlisted equity investments, the ‘type of company’ should also be disclosed.
 
  • In case of short-term or long term capital gains from sale of land or building or both, the details of the buyer(s) i.e. name, PAN or Aadhaar, percentage share of ownership and address have to be given.
 
  • A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
 
  • Under ‘income from other sources’, a taxpayer should provide the details of ‘any other income’.
 
  • The details of the deductions against ‘income from other sources’ should be provided.
 
  • The ‘Schedule VI-A’ for tax deductions is amended to include deduction under section 80EEA and section 80EEB.
 
  • In the case of a business trust or investment fund, the details of ‘capital gains’ income and ‘dividend’ income should be provided.
 
  • The details of tax on secondary adjustments to transfer price under section 92CE(2A).
 
  • The details of tax deduction claims for investments or payments or expenditure made between 1 April 2020 until 30 June 2020.
 
  • While providing the details of bank accounts, if a taxpayer selects multiple bank accounts for credit of refund, the income tax department may choose any account for processing the refund

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *