News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 Direct Tax Code: All you need to know about govt panel's recommendations
 Completed ITR filing, what next?
 How to show your trading and F&O income in the tax returns?
 ITR forms with pre-filled investment data soon
  You might need to maintain tax returns records for seven years
 How improper investments may result into additional tax payable Income Tax Return 2019a
  Will a new direct tax law push up compliance?
 You might need to maintain tax returns records for seven years
 ITR filing: Common mistakes that could get you an income tax notice
 Income tax return filing: What you must know about capital gains from the stock marketa
 CBDT issues FAQs on filing tax returns to help taxpayers
 Steep rise in limits for I-T filing tax appeals
 Notification No. 55/2019 Central Board Of Direct Taxes

CBDT issues FAQs on filing tax returns to help taxpayers
August, 09th 2019

The revenue department on Thursday released FAQs on filling income tax returns (ITR) with regard to reporting of directorship in a foreign company and equity shares held outside India.

Through frequently asked questions (FAQs), the Central Board of Direct Taxes (CBDT) has also clarified that reporting of unlisted shares received via way of gift, will or amalgamation, and also assets held as 'stock-in-trade'.

The FAQs are based on the queries received by the CBDT to help assessees file ITRs.

On requirement to disclose break-up of all payments and receipts during the year in foreign currency, the FAQs said: "the break-up of receipts and payments in foreign currency is required to be reported only in respect of business operations in India".

It further said in case jewellery/motor vehicle held as stock-in-trade of business, only the aggregate values are required to be filled, and the particular details of each asset held as stock-in-trade is not required to be reported.

On long term capital gains, it said tools for computation of LTCG have been provided in the departmental utility for the convenience of taxpayers.

"These are optional tools designed for computation of the final figures of LTCG, which is then populated in the respective items in Schedule CG," it said.

Alternatively, the taxpayers can themselves compute the aggregate long term gain or loss manually, and input the same directly in the respective items.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions