TMI BlogClarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20X X X X Extracts X X X X X X X X Extracts X X X X ..... ted: 27th August, 2019 Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20 The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclose following information relating to each company in which he was a Director:- (a) Name of Company (b) PAN (c) Whether its shares are listed or unlisted (d) Director Identification Number (DIN) 3.2 Representation has been received stating that non-residents are required to pay tax only in respect of income received in India or income accruing or ari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h taxpayer. 3.4 However, to allay the apprehensions in the minds of non-resident taxpayers, it is hereby clarified that a non-resident shall not be required to disclose details of his directorship in a foreign company, which does not have any income received in India, or accruing or arising in India. In other words, a non-resident taxpayer who is Director only in a foreign company, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm-6 and ITR Form-7, in Part-B-TTI, before the verification part, a taxpayer, who is resident in India, is required to state whether he had any time during the previous year:- (a) held, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or (b) had signing authority in any account located outside India; o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, no amounts would be required to be reported in Schedule FA. However, if the taxpayer reports Nil amount in all tables of Schedule FA, the ITR form does not get validated. 4.2 In this regard, it is hereby clarified that a taxpayer shall be required to answer the relevant question in the affirmative, only if he has held the foreign assets etc. at any time during the previous year (in I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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