DISCUSSION ON CHANGES IN ITR’S FOR A.Y.2017-18 (F.Y.2016-17)

Year on Year Summary of e-Filed ITR Forms FY 2015-16 FY 2016-17 S.No. Form (From 01/04/2015 (From 01/04/2016 Growth (%) to 31/03/2017) to 31/03/2017) 1 ITR-1 17946687 21455515 19.55 2 ITR-2 2236078 2189065 -2.1 3 ITR-2A 1174205 1672759 42.46 4 ITR-3 888598 966823 8.8 5 ITR-4S 8135210 11857709 45.76 6 ITR-4 10646974 12390871 16.38 7 ITR-5 1252465 1261922 0.76 8 ITR-6 778069 801115 2.96 9 ITR-7 285451 272258 -4.62 Grand Total 4,33,43,737 5,28,68,037 21.97 State wise receipt of e-Returns (Upto 31/03/2017) Number of S.No State e-Returns 1 ANDAMAN AND NICOBAR ISLANDS 20740 2 ANDHRA PRADESH 1740197 3 ARUNACHAL PRADESH 15547 4 ASSAM 609817 5 BIHAR 1255566 6 CHANDIGARH 232706 7 CHHATISGARH 775608 8 DADRA & NAGAR HAVELI 28001 9 DAMAN & DIU 18561 10 DELHI 3124986 11 GOA 185605 12 GUJARAT 5603476 13 HARYANA 1962600 14 HIMACHAL PRADESH 395001 15 JAMMU & KASHMIR 334953 16 JHARKHAND 860938 17 KARNATAKA 3100057 18 KERALA 1230252 19 LAKSHADWEEP 1620 20 MADHYA PRADESH 2075149 State wise receipt of e-Returns (Upto 31/03/2017) S.No State Number of e-Returns 21 MAHARASHTRA 8862278 22 MANIPUR 26618 23 MEGHALAYA 26821 24 MIZORAM 2579 25 NAGALAND 14382 26 ORISSA 898366 27 PONDICHERRY 71321 28 PUNJAB 2400256 29 RAJASTHAN 3358142 30 SIKKIM 11292 31 STATE OUTSIDE INDIA 38410 32 TAMILNADU 3203946 33 TELANGANA 1578492 34 TRIPURA 55334 35 UTTAR PRADESH 4712660 36 UTTARANCHAL 590216 37 WEST BENGAL 3445544 Total 5,28,68,037

Highlights of e-Filing No of Registered Users as on 31/03/2017 62134605 Peak rate of receipt of returns per day : (31/03/2017) 2179355 Peak rate of receipt of returns per hour : (31/03/2016) 185825 Peak rate of receipt of returns per minute: (05/08/2016) 4795 Percentage of returns received outside office hours 41.553 Percentage of returns filed using Utility provided by Department 51.001 e-Verified ITRs (AY 2016-17) 12113223 POPULATION OF INDIA 2017

Current Population of India in 2017 1,349,552,768 (1.34 billion) As of April 07, 2017 Total Male Population in India 696,909,049 (69.6 crore) Total No of Females in India 652,643,718 (65.2 crore) Sex Ratio 945 females per 1,000 males Age structure 0 to 25 years 50% of India's current population Currently, there are about 51 births in India in a minute.

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes

New Delhi, 31st March, 2017. PRESS RELEASE CBDT notifies new Income Tax Return Forms for AY 2017-18 The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.). Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance.

This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form. Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively. There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:- (i) an individual of the age of 80 years or more at any time during the previous year; or (ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income,

The notified ITR Forms are available on the department‘s official website www.incometaxindia.gov.in

(Meenakshi J Goswami) Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.

ITR-l SAHAJ

ITR-l SAHAJ PERSONS ELIGIBLE TO USE THIS FORM This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:- (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE) (d) Exempt income u/s. 10(38). NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

PERSONS NOT ELIGIBLE TO USE THIS FORM This Return Form should not be used by an individual whose total income for the assessment year 2017-18 exceeds Rs.50 lakh or includes,- (a) Income from more than one house property; or (b) Income from winnings from lottery or income from Race horses; or (c) Income taxable under section 115BBDA; or (d) Income of the nature referred to in section 115BBE; or (e) Income under the head ―Capital Gains‖ e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or

PERSONS NOT ELIGIBLE TO USE THIS FORM (f) Agricultural income in excess of Rs.5,000; or (g) Income from Business or Profession; or (h) Loss under the head ‗Income from other sources‘; or (i) Person claiming relief under section 90 and/or 91; or (j) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or (k) Any resident having income from any source outside India.

CHANGES IN ITR-l SAHAJ

Change - 1 Old ITR

Assessment Year ITR-1 SAHAJ INDIVIDUAL INCOME TAX RETURN (For Individuals having Income from Salaries, One house property, Other sources (Interest etc.) Refer to Instructions for eligibility.) 2 0 1 6 - 1 7

New ITR Change - 2 Old ITR

(A27) Whether you have Aadhaar (A28) If A27 is yes, please Yes No Number provide

New ITR

Earlier not mandatory but now it is mandatory.

PAN and AADHAAR linking NOT feasible Linking of PAN and AADHAAR has been made mandatory for filing of Income Tax Returns; this has created unnecessary and undue hardship on the tax payers. When one tries to link the following message appears (simultaneously): ERROR MESSAGE: 1. Name etc does not match with AADHAAR Data base 2. Aadhaar Number that you have entered does not exist in Aadhaar Data Base. Please enter a valid Aadhaar Number The error message does not highlight the discrepancies; rather, one has to compare both and discover themselves what exactly is the mismatch. The Second message creates a doubt about the authenticity of the Aadhaar Number itself. Issue of PAN Card began nearly 25 years back; the purpose was different and limited and no one had a clue that it might create such a chaos and panic. Aadhaar card does not insist for the expansion of the initials and almost everyone got the Aadhaar registration with initials.

Even the Educational and Academic records do not insist for the expansion of the initials. Therefore, at the time of linking, in most of the cases, mismatches are bound to happen. It is also said that the Aadhaar system does not recognize special characters like apostrophe and because of this many are facing an unsolvable problem. South Indians do not have a Sur Name. They keep their Native place as their first word of their name followed by fathers name and finally their own name. PAN has no provision for such a pattern. Forcing South Indians to follow a different pattern other than their own is nothing but unethically encroaching on their cultural and traditional beliefs. All these should have been looked in to before making the linking of PAN and AADHAAR mandatory.

Now, link Aadhaar with PAN through ID proof scan, OTP

Individuals struggling to link their Permanent Account Number with Aadhaar because of differently spelt names can now simply upload a scanned copy of PAN to get the work done.

Besides, the tax department is planning to introduce an option on the efiling portal through which taxpayers can choose to link the Aadhaar without changing the name by opting for a One Time Password (OTP), provided that the year of birth of the person matches in both documents.

With the linking of PAN with Aadhaar being made mandatory, individuals can log on to efiling website of the income tax department or NSDL but the seeding cannot happen if the name is differently spelt in the two cards like use of full name in PAN and initials in Aadhaar.

In such cases, government has allowed a simple uploading of a scanned copy of PAN on the Aadhaar website.

The tax department will start educating taxpayers from this week through media outreach on ways to link the PAN with Aadhaar, an official told PTI.

Finance Minister Arun Jaitley had through amendment to tax proposals in the Finance Bill of the Budget for 2017-18, had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to curb tax evasion through use of multiple PAN cards..

The e-filing portal has already activated a functionality of linking PAN with Aadhaar. Over 1.08 crore assessees have already Aadhaar-linked PAN but the number is abysmally low as there are over 25 crore PAN card holders in the country, while Aadhaar has been issued to 111 crore people.

As per statistics with the tax department, only 6 crore people file income tax returns at present. The official said that linking of PAN with Aadhaar should not be cumbersome for people whose registered mobile number with the Unique Identification Authority of India (UIDAI) is active. "In case the taxpayer is unable to link PAN with Aadhaar because of discrepancy in name, we are advising them to log in to the Aadhaar website, request for a name change and upload a scanned copy of PAN card as supported proof. This is the simplest way to update name in Aadhaar and only the registered mobile number has to be functional," the official said.

This option will hold good for people who have given short forms of their name or in some cases there are some spelling errors in the name provided in Aadhaar card. However, in certain cases, there are people who have got married and changed their surname and updated the same while getting Aadhaar number, but it does not get reflected in PAN documents. In such and other name change cases, the tax department is planning to give the OTP option wherein the password would be sent to the Aadhaar registered mobile number and the tax department, on its part, would match the year of birth of the taxpayer with the Aadhaar database. "We are also contemplating that when taxpayers with name discrepancy logs into the efiling website for linkage, we will send OTP to the Aadhaar registered mobile number. The taxpayer can link PAN using the OTP. While generating the OTP, we will just check if the year of birth of the taxpayer in PAN card matches with the year given in the Aadhaar document," the official added. Quoting of Aadhaar number. 139AA. (1) Every person who is eligible to obtain Aadhaar number shall, on or after the 1st day of July, 2017, quote Aadhaar number— (i) in the application form for allotment of permanent account number; (ii) in the return of income: Provided that where the person does not possess the Aadhaar Number, the Enrolment ID of Aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or, as the case may be, in the return of income furnished by him.

(2) Every person who has been allotted permanent account number as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be notified by the Central Government in the Official Gazette: Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number. Penalty for failure to comply with the provisions of section 139A. 272B. (1) If a person fails to comply with the provisions of section 139A, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees. (2) If a person who is required to quote his permanent account number in any document referred to in clause (c) of sub- section (5) of section 139A, or to intimate such number as required by sub-section (5A) or sub-section (5C) of that section, quotes or intimates a number which is false, and which he either knows or believes to be false or does not believe to be true, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees. (3) No order under sub-section (1) or sub-section (2) shall be passed unless the person, on whom the penalty is proposed to be imposed, is given an opportunity of being heard in the matter.

(3) The provisions of this section shall not apply to such person or class or classes of persons or any State or part of any State, as may be notified by the Central Government in this behalf, in the Official Gazette.

Explanation.—For the purposes of this section, the expressions— (i) "Aadhaar number", "Enrolment" and "resident" shall have the same meanings respectively assigned to them in clauses (a), (m) and (v) of section 2 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 (18 of 2016); (ii) "Enrolment ID" means a 28 digit Enrolment Identification Number issued to a resident at the time of enrolment.] Who is eligible to apply Aadhaar? Any resident of India, Non Resident Indian (NRI) or any foreign citizen residing in India can apply for Aadhaar. Since Aadhaar is meant for establishing unique identity and not for granting citizenship, even NRIs and foreign citizen residing in India can enjoy the benefits of Aadhaar. However, they all must have to go through the verification process as carried out by the UIDAI. Their physical presence is must for giving their demographic and biometric information at any authorised Aadhaar enrolment centre in India.

An individual of any age can apply for Aadhaar number. A child of age less than 3 years does not require giving biometric information and in this case Aadhaar will be linked to the parents or guardian of that child. However, that child needs to give his/her biometric information when he is of 5 years in age. For a child who has enrolled for Aadhaar and is of the age of 5 to 15 years has to give his/her biometric information again when his/her age becomes 15 years. This process of re-registering is necessary because the biometrics of a person changes with age. The biometrics of a person will be different when he is a child and when he will be an adult Clarification of Aadhaar Press Information Bureau Government of India Ministry of Finance 05-April-2017 18:43 IST Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.

It is clarified that such mandatory quoting of Aadhaar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment. Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income Tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016.

Aadhaar linked as on 13.04.2017

Change - 3 Old ITR (A9) Name of (A8) Premises/Building/ (A10) Road/Street (A11) Area/Locality Flat/Door/Building Village

(A12) (A13) State (A15) Pin code (A16)Email Address Town/City/District

New ITR

Formatting Changed. Change – 4

Old ITR Whole- Rupee(Rs.) PART B GROSS TOTAL INCOME only Income From Salary /Pension B1 B1 NOTE- Ensure to Fill “Sch TDS1” given in Page 2 Income from One house property Self Let B2 (If loss, put the figure in B2( ) Occupied Out negative) Income from Other Sources (In case of loss use ITR 2) B3 B3 NOTE- Ensure to Fill “Sch TDS2” given in Page 2 Gross Total Income (B1+B2+B3) (If loss, put the figure in B4 B4( ) negative)

New ITR

The notes have been deleted and the space is condensed. Change – 5 Old ITR PART C – DEDUCTIONS AND TAXABLE TOTAL INCOME(Refer to instructions for limits on Amount of Deductions as per “Income Tax Act”) C1 80C C2 80CCC C3 80CCD (1) C4 80CCD(1B) C5 80CCD(2) C6 80CCG C7 80D C8 80DD C9 80DDB C10 80E C11 80G C12 80GG C13 80GGA C14 80GGC C15 80RRB C16 80QQB C17 80TTA C18 80U C19 Total deductions (Total of C1 to C18) C19 C20 Taxable Total Income (B4 - C19) C20

New ITR

All other deductions have been deleted and only 4 commonly used ones are shown. As and when any other deduction apart from the 4 deductions are claimed by an assessee, the assessee should give details of such deduction in column - Any Other (Please specify section). Change – 6 Old ITR PART D – TAX COMPUTATIONS AND TAX STATUS D1 Tax payable on total income(C20) D1 D2 Rebate on 87A D2 D3 Tax payable after Rebate (D1-D2) D3 D4 Surcharge if C20 exceeds Rs.1 Crore D4 D5 Cess, on (D3+D4) D5 D6 Total Tax, Surcharge and Cess ( D3+D4+D5) D6 D7 Relief u/s 89 D7 D8 Balance Tax after Relief (D6-D7) D8 D9 Total Interest u/s 234A D9 D10 Total Interest u/s 234B D10 D11 Total Interest u/s 234C D11 D12 Total Tax and Interest(D8+D9+D10+D11) D12 D13 Total Advance Tax Paid D13 D14 Total Self-Assessment Tax Paid D14 D15 Total TDS Claimed D15 D16 Total TCS Claimed D16 D17 Total Taxes Paid (D13+D14+D15+D16) D17 D18 Amount payable (D12 - D17)( If D12 > D17) D18 D19 Refund (D17 – D12)(If D17 > D12) D19 Exempt income only for reporting purpose (If agricultural income D20 D20 is more than Rs.5,000/-, use ITR 2 or 2A)

New ITR

 Earlier column D4(Surcharge) is removed as this ITR is not applicable if income is greater than 50 Lakhs.  Earlier columns at D13(AT), D14(SAT), D15(TDS), D16(TCS) now merged to one column at D11(Total Taxes Paid).

Change – 7 Old ITR Details of all Bank Accounts held in India at any time during the previous year D21 (excluding dormant accounts) Total number of savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts). Provide the details below. Account Number (the Indicate the account in number should be 9 which you prefer to IFS Code of Name of the Saving/ Sl digits or more as per get your refund the Bank Bank Current CBS system of the credited, if any (tick bank ) one account √)

New ITR New ITR Changes The column total number of saving and current bank account held by you at any time during the year is deleted.

The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given.

New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced.

New ITR Issues Meaning of aggregate cash deposits? Is it bank wise or total of all bank accounts? What happens in case both new notes and SBN are deposited during the year? What if SBN and new notes deposited are below 2 lakhs each? What if minor has deposited 1 lakh and parent has deposited 1 lakh? What if notes deposited are other than SBN(Like Rs. 100/-, Rs., 50/-, Rs. 20/-, Rs. 10/-, Rs. 5/-, Rs. 2/-, Rs. 1/-, and Coins of various denomination like 1, 2, 5, 10 etc). New ITR Taxation & penalty of unexplained credit, investment, cash and other assets TAX (Section 115BBE) Flat rate of tax @60% + surcharge @25% of tax (i.e. 15% of such income) + cess @ 3% of tax & surcharge. So total incidence of tax is 77.25% approx. (No expense, deductions, set-off is allowed)

Example: If Rs 5 lakh is the unexplained credit, investment, cash and other assets, 60% tax is Rs 3 lakh plus Rs 75,000 plus cess @ 3% of tax & surcharge Rs. 11250 which is equal to Rs 3,86,250 lakh i.e. 77.25% of unexplained credit, investment, cash and other assets

New ITR Taxation & penalty of unexplained credit, investment, cash and other assets PENALTY (Section 271AAC) This penalty comes into play if the person does not voluntarily own up and declare the unaccounted income (cash/deposits) in his/her return of income and instead the Assessing Officer determines income referred to in section 115BBE. Then penalty @10% of tax is payable in addition to tax (including surcharge) of 77.25%.

Example: In addition to Rs 386250 lakh, Rs 30,000 is to be paid. Total tax plus penalty: Rs 4,16,250/-. This comes to 83.25% of the total unaccounted income disclosed. New ITR

Penalty for search/seizure cases

Penalty (271AAB)- This is leviable in addition to 60% tax, plus 25% surcharge (as % of tax), plus cess of 3% of tax and surcharge. (i) 30% of income, if admitted, returned and taxes are paid (107.25%) (ii) 60% of income in any other case (137.25%)

Example: Say, income undisclosed and thus seized or searched is Rs 5 lakh. Then penalty in addition to tax, surcharge and cess would be: (i)30% of Rs 5 lakh i.e. Rs 1.5 lakh (ii) 60% of Rs 5 lakh i.e. Rs 3 lakh

Change - 8 Old ITR VERIFICATION I, son / daughter of , solemnly declare that to the best of my knowledge and belief, the information given in the return is correct and complete and that the amount of total income and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to Income-tax for the previous year relevant to the Assessment Year 2016-2017. Place : Sign here  Date: New ITR

Simplified to reduce the form to 1 page. Change - 9 Old ITR If the return has been prepared by a Tax Return Preparer (TRP) give further details as below: TRP PIN (10 Digit) Name of TRP TRP Signature

Amount to be paid to TRP

New ITR No option to enter TRP (Tax Return Preparer Details)

Change - 10 Old ITR Schedule TDS1 Details of Tax Deducted at Source from Salary [As per Form 16 issued by Employer(s)] Tax Deduction Account Number Income chargeable Name of the Employer Tax deducted (TAN) of the under Salaries Employer Col (1) Col (2) Col (3) Col (4)

NOTE Please enter total of column 4 of Schedule-TDS1 and column 6 of Schedule-TDS2 in D15 Schedule TDS2 Details of Tax Deducted at Source on Income Other than Salary[As per Form 16 A issued by Deductor(s)] Tax If A23 is Deduction Unique applicable, Account Amount out of Name of the TDS Deducted amount Number Tax Deducted (5) claimed this Deductor Certificate Year claimed in (TAN) of Year Number the hands of the spouse Deductor Col (1) Col (2) Col (3) Col (4) Col (5) Col (6) Col (7)

NOTE Please enter total of column 4 of Schedule-TDS1 and column 6 of Schedule-TDS2 in D15 Schedule TCS Details of Tax Collected at Source [As per Form 27D issued by the Collector(s)] Sl Amount out of (4) No Tax Collection Name of the Tax Amount out of (4) being claimed in the Account Number Collector Collected being claimed hands of spouse, if of the Collector section 5A is applicable (1) (2) (3) (4) (5) (6)

NOTE Please enter total of column (5) of Schedule-TCS in D16

New ITR

The above 3 TDS schedules have been clubbed together in to One column to simplify the ITR Form. Change - 11 Old ITR Asset and Liability at the end of the year Schedule AL (Applicable in a case where total income exceeds Rs. 50 lakh) A Particulars of Asset Amount (Cost) (Rs.) 1 Immovable Asset a Land b Building 2 Movable Asset a Cash in hand b Jewellery, bullion etc. c Vehicles, yachts, boats and aircrafts 3 Total B Liability in relation to Assets at A

New ITR This is now removed as new ITR – 1 is applicable only if total income is upto 50 Lakhs and schedule AL as it said earlier is applicable in a case where total income exceeds Rs. 50 Lakhs. ITR – 2

Note : New ITR -2 is a combination of old ITR – 2, 2A, and 3. The old ITR -2, 2A and 3 have been merged into one ITR as ITR-2 from Assessment year 2017-18 onwards.

PERSONS ELIGIBLE TO USE THIS FORM  Can be used by an individual or a Hindu Undivided Family (HUF)  Income from Salary / Pension;  Income from multiple House Property (Including b/f losses from Multiple House Properties);  Income from Capital Gains;  Income from Other Sources (including winnings from lottery and income from race horses, including loss from other sources).  An asset in foreign country or income from a source outside India  Agricultural income of more than Rs 5,000/- Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this Return Form can be used if income to be clubbed falls in any of the above categories. PERSONS NOT ELIGIBLE TO USE THIS FORM  If your income for the year includes income from Business or Profession.

CHANGES IN ITR – 2 CHANGE - 1 Old ITR Part A- GENERAL GEN Do you have Aadhaar Number? (in case of Individual) Yes No. If Yes, please provide

New ITR

Earlier not mandatory but now it is mandatory.

CHANGE - 2 Old ITR

Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts) Total number of savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts). Provide the details below. Account Number (the Indicate the account number should be 9 in which you prefer to IFS Code of Name of the Saving/ Sl digits or more as per get your refund the Bank Bank Current CBS system of the credited, if any (tick bank ) one account √) New ITR

Changes The column total number of saving and current bank account held by you at any time during the year is deleted. The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given. New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced.

CHANGE - 3 Old ITR VERIFICATION I, son / daughter of , solemnly declare that to the best of my knowledge and belief, the information given in the return is correct and complete and that the amount of total income and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to Income-tax for the previous year relevant to the Assessment Year 2016-2017. Place : Sign here  Date: New ITR

Here another line covering transaction of 92CD is included. 92CD?

CHANGE - 4 Old ITR Name of Employer PAN of Employer (optional) Tow Address of n/Ci State Pin employer ty Salary (Excluding all exempt/ non-exempt allowances, perquisites & profit in 1 1 lieu of salary as they are shown separately below) 2 Allowances exempt under section 10 (Not to be included in 7 ) i Travel concession/assistance received [(sec. 10(5)] 2i ii Tax paid by employer on non-monetary perquisite [(sec. 10(10CC)] 2ii iii Allowance to meet expenditure incurred on house rent [(sec. 10(13A)] 2iii iv Other allowances 2iv 3 Allowances not exempt (refer Form 16 from employer) 3 4 Value of perquisites (refer Form 16 from employer) 4 5 Profits in lieu of salary (refer Form 16 from employer) 5 Deduction u/s 16 (Entertainment allowance by Government and tax on 6 employment) 6 7 Income chargeable under the Head „Salaries‟ (1+3+4+5-6) 7 New ITR

New ITR

There is reformatting of allowances exempt u/s. 10 and it is given separately after the Income under the head salary is computed. CHANGE - 5 Old ITR

3 Income under the head “Income from house property” a Rent of earlier years realized under section 25A/AA 3a Arrears of rent received during the year under section 25B after b 3b deducting 30% Total (j + 3a + 3b) (if negative take the figure to 2i of schedule c 3c CYLA) Please include the income of the specified persons referred to in Schedule NOTE SPI while computing the income under this head

New ITR

Simplification and rationalisation of provisions relating to taxation of unrealised rent and arrears of rent (Section 25 A) Merges existing provisions of Sections 25A, 25AA and 25B (relating to taxation of unrealized rent) under a single new Sec 25A. Amount of rent received in arrears or the amount of unrealized rent realized subsequently by an assessee shall be charged to tax in the financial year in which such rent is received or realized, whether the assessee is the owner of the property or not in that financial year 30% of the arrears of rent or the unrealized rent realized subsequently to be allowed as deduction. CHANGE - 6 Old ITR D Information about deduction claimed In case of deduction u/s 1 4/54B/54EC/54F/54GB/115F give following details

Date of its Amount deposited in Capital Sect Amount of Cost of new acquisition/c Gains Accounts Scheme before ion deduction asset onstruction due date

c Total deduction claimed 1c In case of deduction u/s 54GB, furnish PAN of 2 the company

New ITR

There is reformatting done in new ITR CHANGE - 7 Old ITR Schedule OS Income from other sources 1 Income a Dividends, Gross 1a b Interest, Gross 1b Rental income from machinery, plants, c 1c buildings, etc.,Gross Others, Gross (excluding income from d owning race horses)Mention the source Winnings from lotteries, crossword puzzles etc.

Total 1d e Total (1a+1b+1c+1d) 1e

New ITR

Earlier there is no specific mention of income from section 68 to 69D. Now it has been given specifically. CHANGE - 8 Old ITR Schedule OS Income from other sources Income included in „1e‟ chargeable to tax at special rate (to f be taken to schedule SI) Winnings from lotteries,crossword i 1fi puzzles,races,games,gambling,betting etc (u/s 115BB) Any other income chargeable to tax at the rate specified under ii 1fii Chapter XII/XII-A iii FOR NON-RESIDENTS- Income chargeable to be taxed under DTAA Correspondin Country Rate of Whether g section of Article Amount of Sl. name, tax under TRC the Act which of DTAA income code DTAA obtained? prescribes rate

III Total amount of income chargeable to tax under DTAA 1fiii Income included in „1e‟ chargeable to tax at special rate (1fi +1fii + iv 1fiv 1fiii)

New ITR

New columns for sections 115BBDA ,115BBE and 115BBF have been inserted. Additional Resource Mobilisation Taxation of income by way of dividend (Section 115BBDA & 10(34) )  A new section 115BBDA is inserted to provide that in the case of an individual, Hindu undivided family or a firm who is a resident in India any income by way of dividend declared, distributed or paid by a domestic company, in excess of 10 Lakhs shall be taxable @ 10%.  Further, no deduction of any expenditure or allowance or set off of loss shall be allowed in computing the income by way of dividend referred in section 2(22) except dividend referred in Section 2(22)(e).  Consequently, provisions of Section 10(34) amended.

Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D. 115BBE. 43[(1) Where the total income of an assessee,— (a) includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return of income furnished under section 139; or (b) determined by the Assessing Officer includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of— (i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i).].

(2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance 44[or set off of any loss] shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) of sub-section (1).

Taxation of Income from 'Patents‘ Section 115BBF Newly Inserted -Section 115BBF New sec. 115BBF proposed to be inserted to provide that where the total income of an eligible assessee [a person resident in India who is the true and first inventor of the invention and whose name is entered on the patent register as patentee in accordance with Patents Act, 1970] includes any income by way of royalty in respect of patent developed and registered in India, then such royalty shall be taxable @10% + surcharge + cess on gross basis. No expenditure or allowance in respect of such royalty income shall be allowed Book profit shall be increased by the amount of expenditure relatable to income by way of royalty in respect of patent chargeable to tax and reduced by the amount of income by way of royalty in respect of patent chargeable to tax.

CHANGE - 9 Old ITR

Schedule VI-A Deductions under Chapter VI- A (Section) a 80C f 80DD m 80QQB b 80CCC g 80DDB n 80RRB c(i) 80CCD(1) h 80E o 80TTA c(ii) 80CCD(1B) i 80G p 80U

c(iii) 80CCD(2) j 80GG d 80CCG k 80GGA e 80D l 80GGC q Total deductions (Total of a to p) q

New ITR

New section 80EE has been inserted. New ITR

Section 80EE amended to provide first home buyers availing home loans, an additional deduction of interest on loan from any financial institution up to Rs. 50,000/-.

The house property should be of a value less than Rs.50 lacs and loan amount sanctioned during the period from 01.04.2016 to 31.03.2017 should not exceed Rs.35 lacs.

Benefit of deduction is extended till the repayment of loan continues. The deduction is over and above the limit of Rs. 2 lacs provided for a self occupied property u/s 24 of the Act.

CHANGE - 10 Old ITR Schedule SI Income chargeable to tax at special rates [Please see instruction No.9 for rate of tax] Tax Special rate Income Section/ Description thereon (%) (i) (ii) 111A (STCG on shares/units on which STT paid) 15 115AD (STCG for FIIs on securities where STT not paid) 30

115AD(1)(ii) – Short term capital gains referred to in section 111A 15

112 proviso (LTCG on listed securities/units without indexation) 10 112(1)(c)(iii) (LTCG for non-resident on unlisted securities) 10 115AB(1)(b) (LTCG on transfer of units by an Offshore Fund 10 115AC (Income of a non-resident from bonds or GDR purchased 10 in foreign currency) 115ACA (LTCG for an employee of specified company on GDR) 10 115AD (LTCG for FIIs on securities) 10 115E (LTCG for non-resident Indian on specified asset) 10 112(LTCG on others) 20 115BB (winnings from lotteries, puzzles, races, games, etc.) 30 Chargeable under DTAA rate 1 Total New ITR

New ITR

New section such 115BBDA, 115BBE, 115BBF and 115AC taxable at special rate of tax is inserted. This is linked to column under other sources. CHANGE - 11 Old ITR

Schedu Pass Through Income details from business trust or investment fund as per section

le PTI 115UA, 115UB

Name of Income business PAN of the TDS on such Head of Amount of claimed to Sl. trust/ business trust/ amount, if income income be exempt investment investment fund any u/s fund

NOTE Please refer to the instructions for filling out this schedule.

New ITR New ITR

Here earlier income claimed exempt was given along side the income details. However the column is deleted along the income side and separately given for every income derived.

CHANGE - 12 Old ITR Schedule Details of Income from outside India and tax relief FSI Head Income from Tax paid Tax payable Tax relief of outside India outside on such available in Relevant article of Taxpayer income (included in India income India DTAA if Sl Countr Identificat PART B-TI) under (e)= (c) or (d) relief No y Code ion normal whichever is claimed number provisions in lower India u/s 90 or 90A

(a) (b) (c) (d) (e) (f)

Total NOTE Please refer to the instructions for filling out this schedule. New ITR

Formatting has changed.

CHANGE - 13 Old ITR Asset and Liability at the end of the year (Applicable Schedule AL in a case where total income exceeds Rs. 50 lakh) A Particulars of Asset Amount (Cost) (`) 1 Immovable Asset a Land b Building 2 Movable Asset a Cash in hand b Jewellery, bullion etc. c Vehicles, yachts, boats and aircrafts 3 Total B Liability in relation to Assets at A New ITR

New ITR Issues If the loss is 1 crore whether this column should be filled? How to arrive at cost of insurance policy? How to arrive at cost of ancestral / gifted jewellery (including diamonds, precious stones, rubies etc), property etc? See instruction to form. If declared in IDS 2016?  How to arrive at cost of share of interest in partnership firm, LLP, venture capital undertaking, private trust(beneficiary) etc?

Changes

There are inclusions of new column and more details asked when compared to earlier schedule AL. ITR – 3 [ Earlier ITR 4 of A.Y. 2016-17 ]

PERSONS ELIGIBLE TO USE THIS FORM  This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. CHANGES IN ITR – 3

Change - 1 Old ITR

Do you have Aadhaar Number? (in case of Individual) Yes No. If Yes, please provide

New ITR

Earlier not mandatory but now it is mandatory. Change - 2

Old ITR

Date of furnishing of the audit report (1) (DD/MM/YYYY) Name of the auditor signing the tax audit (2) report (3) Membership no. of the auditor (4) Name of the auditor (proprietorship/ firm) Permanent Account Number (PAN) of the (5) proprietorship/ firm (6) Date of report of the audit.

New ITR

New column asking Proprietorship/ firm registration number is inserted. Change - 3 Old ITR

Revenue from operations Sales/Gross receipts of business (net of returns and refunds and duty or A tax, if any) i Sale of goods i ii Sale of services ii iii Other operating revenues (specify nature and amount)

Total iii iv Total (i + ii + iii) Aiv B Duties, taxes and cess, received or receivable in respect of goods and services sold or supplied i Union Excise duties i ii Service tax ii iii VAT/Sales tax iii iv Any other duty, tax and cess iv v Total (i + ii + iii + iv) Bv

New ITR

New column asking gross receipt from profession separately is inserted. Change - 4

Old ITR

53 In a case where regular books of account of business or profession are not maintained, furnish the following information for previous year 2015-16 in respect of business or Profession

a Gross receipts 53a

b Gross profit 53b

c Expenses 53c

d Net profit 53d

New ITR

New column asking for assessee carrying on profession is inserted. Change - 5 Old ITR 8 A Amounts debited to the profit and loss account, to the extent disallowable under section 40 a Amount disallowable under section 40 (a)(i), on account of Aa non-compliance with the provisions of Chapter XVII-B b Amount disallowable under section 40(a)(ia) on account of Ab non-compliance with the provisions of Chapter XVII-B c Amount disallowable under section 40(a)(iii) on account of Ac non-compliance with the provisions of Chapter XVII-B

New ITR

New column asking for details about non compliance of provisions of chapter VIII of finance act 2016 (Equalisation levy) is inserted. Change - 6 Old ITR

Any amount debited to profit and loss account of the previous year but disallowable under 11 section 43B: - a Any sum in the nature of tax, duty, cess or fee 11a under any law b Any sum payable by way of contribution to any provident fund or superannuation fund or gratuity 11b fund or any other fund for the welfare of employees c Any sum payable to an employee as bonus or 11c commission for services rendered d Any sum payable as interest on any loan or borrowing from any public financial institution or 11d a State financial corporation or a State Industrial investment corporation e Any sum payable as interest on any loan or 11e borrowing from any scheduled bank f Any sum payable towards leave encashment 11f g Total amount disallowable under Section 43B (total of 11a to 11f) 11g

New ITR

New column asking any sum payable to the railway for the use of railway assets. Change - 7

Old ITR

3 Profits and gains from business or profession i Profit and gains from business other than speculative business 3i and specified business (A37 of Schedule-BP)(enter nil if loss) ii Profit and gains from speculative business (B41 of Schedule- 3ii BP) (enter nil if loss and take the figure to schedule CFL) iii Profit and gains from specified business (C47 of Schedule-BP) 3iii (enter nil if loss and take the figure to schedule CFL) iv Total (3i + 3ii + 3iii) (enter nil if 3iv is a loss) 3iv

New ITR

New column asking income from patent u/s. 115BBF in inserted. Change - 8

Old ITR Part B - TTI Computation of tax liability on total income 2 Tax payable on total income a Tax at normal rates on 17 of Part B-TI 2a b Tax at special rates (total of (ii) of Schedule-SI) 2b c Rebate on agricultural income [applicable if (14-15) of Part B-TI 2c exceeds maximum amount not chargeable to tax] d Tax Payable on Total Income (2a + 2b – 2c) 2d e Rebate under section 87A (applicable if 14 of Part B-TI does not 2e exceed 5 lakh) f Tax payable after rebate (2d – 2e) 2f g Surcharge on 2f (applicable if 14 of Part B-TI exceeds 1 crore) 2g h Education cess, including secondary and higher education cess on 2h (2f+2g) i Gross tax liability (2f + 2g + 2h) 2i

New ITR

New column about surcharge has been formatted. Changes - 9

Old ITR Details of all Bank Accounts held in India at any time during the previous year 14 (excluding dormant accounts) Total number of savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts). Provide the details below. Account Number Indicate the account (the number should in which you prefer to IFS Code of Saving/ Sl. Name of the Bank be 9 digits or more get your refund the Bank Current as per CBS system credited, if any (tick of the bank ) one account √)

New ITR

The column total number of saving and current bank account held by you at any time during the year is deleted. The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given. New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced. Change - 10

Old ITR

3 Income under the head “Income from house property” a Rent of earlier years realized under section 25A/AA b Arrears of rent received during the year under section 25B after deducting 30% c Total (from all properties)(if negative take the figure to 2i of schedule CYLA) Please include the income of the specified persons referred to in Schedule SPI NOTE while computing the income under this head

New ITR

Simplification and rationalisation of provisions relating to taxation of unrealised rent and arrears of rent (Section 25 A) Merges existing provisions of Sections 25A, 25AA and 25B (relating to taxation of unrealized rent) under a single new Sec 25A. Amount of rent received in arrears or the amount of unrealized rent realized subsequently by an assessee shall be charged to tax in the financial year in which such rent is received or realized, whether the assessee is the owner of the property or not in that financial year 30% of the arrears of rent or the unrealized rent realized subsequently to be allowed as deduction. Change - 11 Old ITR

Schedule BP Computation of income from business or profession From business or profession other than speculative business and specified A business Profit before tax as per profit and loss account (item 45 and 53d of Part A- 1 P&L) 2 Net profit or loss from speculative business included in 1(enter 2a a –ve sign in case of loss) 2 Net profit or loss from Specified Business u/s35AD included in 2b b 1 (enter –ve sign in case of loss) Income/ receipts credited to profit and loss account 3 considered under other heads of income: a Salaries 3a

b House Property 3b

c Capital Gains 3c

d Other Sources 3d

New ITR

There are inclusion of new column asking details of income u/s. 115BBF. Change - 12 Old ITR 7 Expenses debited to profit and loss account considered under other heads of income a Salaries 7a b House Property 7b c Capital Gains 7c d Other Sources 7d New ITR

There is inclusion of new column asking details of expenses u/s. 115BBF and details of expenses debited to profit and loss account which relates to exempt income.

Change - 13 Old ITR

35 Profits and gains of business or profession deemed to be under - i Section 44AD 35i ii Section 44AE 35ii iii Section 44B 35iii iv Section 44BB 35iv v Section 44BBA 35v vi Section 44BBB 35vi vii Section 44D 35vii viii Section 44DA 35viii ix First Schedule of Income-tax Act 35ix x Total (35i to 35ix) 35 x New ITR

There are inclusion of new column asking details u/s. 44ADA.

Presumptive taxation for professionals  New sec. 44ADA inserted to provide for estimating the income of an assessee (individual, HUF, partnership firm but not limited liability partnership firms) engaged in any profession referred in section 44AA(1) such as legal, medical, engineering or architectural, accountancy, technical consultancy, interior decoration or any other profession as is notified by the Board.

 Total Gross receipts should not exceed Rs. 50 lacs.

 Income shall be estimated @ 50% of the total gross receipts.

Change - 14 Old ITR Depreciation on Plant and Machinery (Other than assets on which full Schedule DPM capital expenditure is allowable as deduction under any other section) 1 Block of assets Plant and machinery

2 Rate (%) 15 30 40 50 60 80 100 (i) (ii) (iii) (iv) (v) (vi) (vii) 3 Written down value on the first day of previous year 4 Additions for a period of 180 days or more in the previous year 5 Consideration or other realization during the previous year out of 3 or 4 6 Amount on which depreciation at full rate to be allowed (3 + 4 -5) (enter 0, if result is negative) 7 Additions for a period of less than 180 days in the previous year 8 Consideration or other realizations during the year out of 7 9 Amount on which depreciation at half rate to be allowed (7–8) (enter 0, if result is negative) 10 Depreciation on 6 at full rate

Old ITR Depreciation on Plant and Machinery (Other than assets on which full Schedule DPM capital expenditure is allowable as deduction under any other section) 11 Depreciation on 9 at half rate 12 Additional depreciation, if any, on 4 13 Additional depreciation, if any, on 7 14 Total depreciation (10+11+12+13) 15 Expenditure incurred in connection with transfer of asset/ assets 16 Capital gains/ loss under section 50 (5 + 8 -3-4 -7 - 15) (enter negative only if block ceases to exist) 17 Written down value on the last day of previous year (6+ 9 -14) (enter 0 if result is negative) New ITR

New ITR

In case of purchase of an asset which is put to use for less than 180 days, additional depreciation shall be restricted to 50% for that year and remaining would be allowable in the succeeding year. In old ITR Forms, no column was there under 'Schedule DPM' to claim unutilized 50% additional depreciation in succeeding year. Now in new ITR Forms such column has been inserted to claim unutilized 50% depreciation. Extending the benefit of initial additional depreciation under section 32(1)(iia) for power sector Under the existing provisions of section 32(1)(iia) of the Act, additional depreciation of 20% is allowed in respect of the cost of new plant or machinery acquired and installed by certain assessees engaged in the business of generation and distribution of power .

This depreciation allowance is over and above the deduction allowed for general depreciation under section 32(1)(ii) of the Act.

Under the existing provisions, the benefit of additional depreciation is not available on the new machinery or plant installed by an assessee engaged in the business of transmission of power.

In order to rationalise the incentive of power sector , it is decided to amend this section so as to provide that an assessee engaged in the business of transmission of power shall also be allowed additional depreciation at the rate of 20% of actual cost of new machinery or plant acquired and installed in a previous year.

This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent assessment years.

Change - 15 Old ITR

10 Depreciation on 6 at full rate

11 Depreciation on 9 at half rate

12 Additional depreciation, if any, on 4

13 Additional depreciation, if any, on 7 14 Total depreciation (10+11+12+13) 15 Expenditure incurred in connection with transfer of asset/ assets 16 Capital gains/ loss under section 50 (5 + 8 -3-4 -7 - 15) (enter negative only if block ceases to exist)

New ITR

Old column about Additional depreciation, if any, on 4 and 7 is deleted, as it is added in Change – 14. Change - 16

Old ITR In case of deduction u/s 1 54/54B/54D/54EC/54F/54G/54GA/115F give following details Section under Date of its Amount deposited in Amount of Cost of which deduction acquisition/cons Capital Gains Accounts deduction new asset claimed truction Scheme before due date

c Total deduction claimed 1c In case of deduction u/s 54GB, 2 furnish PAN of the company Set-off of current year capital losses with current year capital gains (excluding amounts included in A8 & B10 which is chargeable under DTAA)

New ITR

Formatting is changed. Change - 17 Old ITR

Schedule OS Income from other sources 1 Income a Dividends, Gross 1a b Interest, Gross 1b c Rental income from machinery, plants, buildings, etc., 1c

d Others, Gross (excluding income from owning race horses)Mention the source Income by way of winnings from lotteries, crossword puzzles etc.

Total 1d 1 e Total (1a+1b+1c+1d) e

New ITR

Earlier there is no specific mention of income from section 68 to 69D. Now it has been given specifically. Change - 18 Old ITR

f Income included in „1e‟ chargeable to tax at special rate (to be taken to schedule SI) Income by way of winnings from lotteries, crossword puzzles, i 1fi races, games, gambling, betting etc (u/s 115BB) Any other income chargeable to tax at the rate specified under ii 1fii chapter XII/XII-A FOR NON-RESIDENTS- Income chargeable to be taxed under iii DTAA Whet Correspondin Articl Rate Country her g section of Sl e of of tax Amount of name, TRC the Act which . DTA under income code obtai prescribes A DTAA ned? rate !

III Total amount of income chargeable to tax under DTAA 1fiii

New ITR

New columns for sections 115BBDA ,115BBE and 115BBF have been inserted. Change - 19 Old ITR

Schedule VI-A Deductions under Chapter VI- A 1 Part B- Deduction in respect of certain payments a 80C b 80CCC

c 80CCD(1) d 80CCD(1B)

e 80CCD(2) f 80CCG

g 80D h 80DD

i 80DDB j 80E

k 80G l 80GG

m 80GGC Total Deduction under Part B (total of a to m) 1

New ITR

New section 80EE has been inserted. Change - 20 Old ITR Income chargeable to tax at special rates [Please see instruction Schedule SI No.7 for rate of tax] Special Income Tax thereon Section rate (%) (i) (ii) 111A (STCG on shares/units on which where STT paid) 15 115AD (STCG for FIIs on securities where STT not paid) 30 115AD(1)(ii) – Short term capital gains referred to in section 15 111A 112 proviso (LTCG on listed securities/units without indexation) 10 112(1)(c)(iii) (LTCG for non-resident on unlisted securities) 10 115AB(1)(b) (LTCG on transfer of units by an Offshore Fund 10 115AC (Income of a non-resident from bonds or GDR 10 purchased in foreign currency) 115ACA (LTCG for an employee of specified company on GDR) 10 115AD (LTCG for FIIs on securities) 10 115E (LTCG for non-resident Indian on specified asset) 10 112(LTCG on others) 20 115BB (winnings from lotteries, puzzles, races, games, etc.) 30 Chargeable under DTAA rate 1

Total

New ITR

New section such 115BBDA, 115BBE, 115BBF and 115AC taxable at special rate of tax is inserted. This is linked to column under other sources. Change - 21 Old ITR Asset and Liability at the end of the year (other than those included in Part Schedule AL A – BS) (Applicable in a case where total income exceeds Rs. 50 lakh) A Amount (Cost) Particulars of Asset (`) 1 Immovable Asset a Land b Building 2 Movable Asset a Financial Asset i Bank (including all deposits) ii Shares and securities iii Insurance policies iv Loans and Advances given v Cash in hand b Jewellery, bullion etc. Archaeological collections, drawings, painting, sculpture or any c work of art d Vehicles, yachts, boats and aircraft 3 Total B Liability in relation to Assets at A

New ITR New ITR

There are inclusions of new column and more details when compared to earlier schedule AL more details are asked.

Effect of ICDS ITR 4

PERSONS ELIGIBLE TO USE THIS FORM This Return Form is to be used by an individual/ HUF/ Partnership Firm whose total income for the assessment year 2017-18 includes:- (a) Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income; or (b) Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA; or (c) Salary/ Pension; or (d) Income from One House Property (excluding cases where loss is brought forward from previous years); or (e) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses). Continued……. Note 1: The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act. Note 2: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

PERSONS NOT ELIGIBLE TO USE THIS FORM SUGAM cannot be used in following cases (a) Income from more than one house property; or (b) Income from Winnings from lottery or income from Race horses; or (c) Income under the head ―Capital Gains‖, e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or (d) Income taxable under section 115BBDA; or (e) Income of the nature referred to in section 115BBE; or (f) Agricultural income in excess of Rs.5,000; or (g) Income from Speculative Business and other special incomes; or Continued…… (h) Income from an agency business or income in the nature of commission or brokerage; or (i) Person claiming relief of foreign tax paid under section 90, 90A or 91; or (j) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or (k) Any resident having income from any source outside India.

SUGAM form is not mandatory SUGAM Business Form shall not apply at the option of the assessee, if – (i) the assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect of the business or profession. (ii) the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business or profession. In the above scenarios, Regular ITR-3 or ITR-5, as the case may, should be filed and not SUGAM. CHANGES IN ITR – 4

Change - 1 Old ITR (A26) Whether you have Aadhaar Not applicable (for Yes No Number HUF)

New ITR

Earlier not mandatory but now it is mandatory. Change – 2 Old ITR PART C – DEDUCTIONS AND TAXABLE TOTAL INCOME(Refer to instructions for limits on Amount of Deductions as per “Income Tax Act”) 80CCD C1 80C C2 80CCC C3 (1) 80CCD C4 80CCD(1B) C5 C6 80CCG (2) C7 80D C8 80DD C9 80DDB C10 80E C11 80G C12 80GG C13 80GGC C14 80RRB C15 80QQB C16 80TTA C17 80U C18 Total deductions (Add items C1 to C17) C18 C19 Taxable Total Income (B5 - C18) C19

New ITR

New column is inserted about sec. 80EE at C11. Change – 3 Old ITR

D2 Details of all Bank Accounts held in India at any time during the previous year (excluding 1 dormant accounts) Total number of savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts). Provide the details below. Account Number Indicate the account (the number should in which you prefer to IFS Code of the Name of the Saving/ Sl. be 9 digits or more get your refund Bank Bank Current as per CBS system credited, if any (tick of the bank ) one account√)

New ITR

The column total number of saving and current bank account held by you at any time during the year is deleted. The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given. New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced. Change – 4 Old ITR SCHEDULE BP – DETAILS OF INCOME FROM BUSINESS COMPUTATION OF PRESUMPTIVE INCOME UNDER 44AD E1 Gross Turnover or Gross Receipts E1 Presumptive Income under section 44AD (8% of E1) E2 NOTE—If Income is less than 8% of Gross Receipts, it is E2 mandatory to have a tax audit under 44AB & regular ITR 4 has to be filled not this form COMPUTATION OF PRESUMPTIVE INCOME UNDER 44AE Presumptive Income from Goods Carriage under section 44AE E3 (NOTE—If the profits are lower than prescribed under S.44AE E3 or the number of Vehicles owned at any time exceed 10 then the regular ITR 4 form has to be filled and not this form) E4 Presumptive Income under section 44AD and 44AE (E2 + E3) E4 Salary and interest paid to the partners (NOTE – This is to be E5 E5 filled up only by firms) E6 Income chargeable under Business (E4 - E5) E6 FINANCIAL PARTICULARS OF THE BUSINESS (NOTE—For E5 to E8 furnish the information as on 31st day of March ,2016) E7 Amount of Total Sundry Debtors E7 E8 Amount of Total Sundry Creditors E8 E9 Amount of Total Stock-in-trade E9 E10 Amount of the Cash Balance E10

New ITR

There are inclusion of new column asking details of presumptive income u/s. 44AD.

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes

New Delhi, 20th December, 2016.

Press Release

Sub: Measures for Promoting Digital Payments & Creation of Less-Cash Economy.

The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnover of Rs. Two crore announced by the Government on 19th December, 2016 under Section 44AD of the Income-tax Act, 1961 is a huge benefit given to businessmen for promoting digital/banking transactions. The benefits given are explained in the following paragraph.

2. If a trader makes his transactions in cash on a turnover of Rs. Two crore, then his income under the presumptive scheme will then be presumed to be Rs.16 lakhs @ 8% of turnover. After availing of Rs.1.5 lakhs of deduction under Section 80C, his total tax liability will be Rs.2,67,800/-. However, if he shifts to 100% digital transactions under the new announcement made, his profit will be presumed to be at Rs.12 lakhs @ 6% of turnover, and after availing of Rs.1.5 lakhs under Section 80C, his tax liability now will be only Rs.1,44,200/. Here, digital transaction includes payment received by Cheque or through any other digital means. In the following example, the benefit obtained by traders and small businesses is explained in 3 different scenario.

Particulars 100% Cash 60% Digital 100% Digital Turnover (Rs.) Turnover (Rs.) Turnover (Rs.)

Total Turnover 2 Crore 2 Core 2 Crore Cash Turnover 2 Crore 0.80 Crore NIL Digital Turnover NIL 1.2 Crore 2 Crore Profit on Cash 16 Lakh 6.40 Lakh NIL Turnover @ 8% Profit on Digital NIL 7.20 Lakh 12 Lakh turnover @ 6% Total Profit 16 Lakh 13.60 Lakh 12 Lakh Deduction u/s 1.5 Lakh 1.5 Lakh 1.5 Lakh 80C Taxable Income 14.50 Lakh 12.10 Lakh 10.50 Lakh Tax Payable 2,67,800 1,93,640 1,44,200 Tax Saving NIL 74,160 1,23,600 3. Apart from making a tax saving of almost 46% by migrating to banking mode, the small businesses would be able to build their books which may also help them get bank loans easily. Also, if transactions are carried out through banking channels, then anybody having annual turnover upto Rs.66 lakhs will have zero tax liability after availing the benefit of Section 80C, after amendment of this new rate structure.

(Meenakshi J. Goswami) Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.

Change – 5 Old ITR Asset and Liability at the end of the year (Applicable in Schedule AL the case of Individual or HUF where total income exceeds Rs. 50 lakh) A Particulars of Asset Amount (Cost) (`) 1 Immovable Asset a Land b Building 2 Movable Asset a Cash in hand b Jewellery, bullion etc. c Vehicles, yachts, boats and aircrafts 3 Total B Liability in relation to Assets at A New ITR

There are inclusions of new column and more details when compared to earlier schedule AL more details are asked.

ITR - 5 PERSONS ELIGIBLE TO USE THIS FORM This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.

CHANGES IN ITR – 5 Change - 1

Old ITR (i) Date of furnishing of the audit report (DD/MM/YYYY) (ii) Name of the auditor signing the tax audit report (iii) Membership no. of the auditor (iv) Name of the auditor (proprietorship /firm) (v) Permanent Account Number (PAN) of the auditor (proprietorship/ firm) (vi) Date of audit report.

New ITR

New column asking Proprietorship/ firm registration number is inserted. Change - 2

Old ITR E. Particulars of persons who were partners/ members in the firm/AOP/BOI or settlor/trustee/beneficiary in the trust on 31st day of March, 2016 or date of dissolution Designated Remunerati Percenta Rate Partner on paid/ ge of of S. Identification payable Name and Address share (if PAN Status Interes No Number, in determin t on case partner ate) Capital in LLP (1) (2) (3) (4) (5) (6) (7) (8)

New ITR

There are inclusion of new column asking details of Aadhaar No of the person/ members. Change - 3 Old ITR Nature of business or profession, if more than one business or profession indicate the three main activities/ products

S. Code [Please see instruction No.7(i)] Description No.

(i)

NATURE OF BUSINESS OF NATURE (ii) (iii)

New ITR

There are inclusion of new column persons referred to in sec.160(1)(iii) or (iv) Change - 4

Old ITR

BALANCE SHEET AS ON 31st DAY OF MARCH, 2016 (fill items A and B in a Part A - BS case where regular books of accounts are maintained, otherwise fill item C)

New ITR

In the heading date of dissolution is included.

Change - 5 Old ITR Profit and Loss Account for the financial year 2015-16 (fill Part A-P& L items 1 to 53 in a case where regular books of accounts are maintained, otherwise fill item 54) 1 Revenue from operations Sales/Gross receipts of business (net of returns and A refunds and duty or tax, if any) i Sale of goods i ii Sale of services ii Other operating revenues (specify iii nature and amount)

Total iiic vi Total (i + ii + iiic) Aiv B Duties, taxes and cess, received or receivable in respect of goods and services sold or supplied i Union Excise duties i ii Service tax ii iii VAT/Sales tax iii iv Any other duty, tax and cess iv v Total (i + ii + iii + iv) Bv C Total Revenue from operations (Aiv + Bv) 1C New ITR

There are inclusion of new column about gross receipt from profession is inserted.

Change - 6

Old ITR 45 Depreciation and amoritisation 45 46 Profit before taxes (43-44iii-45) 46 47 Provision for current tax 47 48 Provision for Deferred Tax and deferred liability 48 49 Profit after tax (46 – 47 – 48) 49 50 Balance brought forward from previous year 50 51 Amount available for appropriation (49+ 50) 51 52 Transferred to reserves and surplus 52 53 Balance carried to balance sheet in partner‟s account (51 – 52) 53 54 In a case where regular books of account of business or profession are not maintained, furnish the following information for previous year 2015-16 in respect of business or Profession a Gross receipts 54a b Gross profit 54b c Expenses 54c d Net profit 54d New ITR

There are inclusions of new columns for assessee carrying on profession. How can gross profit be shown for profession??? Link with Form 3CD clause 40

Change - 7 Old ITR A Amounts debited to the profit and loss account, to the extent disallowable under section 40 a Amount disallowable under section 40 (a)(i), on account of non- Aa compliance with the provisions of Chapter XVII-B b Amount disallowable under section 40(a)(ia) on account of non- Ab compliance with the provisions of Chapter XVII-B Amount disallowable under section 40(a)(iii) on account of non- c Ac compliance with the provisions of Chapter XVII-B d Amount of tax or rate levied or assessed on the basis of profits Ad [40(a)(ii)] e Amount paid as wealth tax [40(a)(iia)] Ae f Amount paid by way of royalty, license fee, service fee etc. as Af per section 40(a)(iib) Amount of interest, salary, bonus, commission or remuneration g Ag paid to any partner or member [40(b)] h Any other disallowance Ah i Total amount disallowable under section 40(total of Aa to Ah) 8Ai B Any amount disallowed under section 40 in any preceding previous year but 8B allowable during the previous year New ITR

New column asking for details about non compliance of provisions of chapter VIII of finance act 2016 (Equalisation levy) is inserted.

Change - 8 Old ITR

Any amount debited to profit and loss account of the previous year but disallowable under 11 section 43B a Any sum in the nature of tax, duty, cess or fee under any law 11a b Any sum payable by way of contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the 11b welfare of employees c Any sum payable to an employee as bonus or commission for 11c services rendered d Any sum payable as interest on any loan or borrowing from any public financial institution or a State financial corporation or a State 11d Industrial investment corporation e Any sum payable as interest on any loan or borrowing from any 11e scheduled bank f Any sum payable towards leave encashment 11f g Total amount disallowable under Section 43B (total of 11a to 11f) 11g New ITR

New column is inserted asking any sum payable to the railway for the use of railway assets.

Change - 9 Old ITR 2 Profits and gains from business or profession i Profits and gains from business other than speculative business and specified business (A37 of Schedule-BP) 2i (enter nil if loss) ii Profits and gains from speculative business (B41 of Schedule BP) (enter nil if loss and carry this figure to 2ii Schedule CFL) iii Profits and gains from specified business (C47 of Schedule 2iii BP) (enter nil if loss and carry this figure to Schedule CFL) Total (2i + 2ii + 2iii) (enter nil, if loss and carry this figure of loss to iv 2iv Schedule CYLA) New ITR

New column asking income from patent u/s. 115BBF is inserted.

Change - 10 Old ITR Details of all Bank Accounts held in India at any time during the previous year (excluding 13 dormant accounts) Total number of savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts). Provide the details below. Indicate the Account Number (the Savings/ account in which number should be 9 IFS Code of Current/ you prefer to get Sl. Name of the Bank digits or more as per the Bank Cash your refund CBS system of the Credit credited, if any (tick bank ) one account √) New ITR

The column total number of saving and current bank account held by you at any time during the year is deleted. The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given. New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced.

Change - 11 Old ITR

3 Income under the head “Income from house property” a Rent of earlier years realized under section 25A/AA 3a Arrears of rent received during the year under section 25B after b 3b deducting 30% c Total (from all properties) 3c New ITR

Simplification and rationalisation of provisions relating to taxation of unrealised rent and arrears of rent (Section 25 A) Merges existing provisions of Sections 25A, 25AA and 25B (relating to taxation of unrealized rent) under a single new Sec 25A. Amount of rent received in arrears or the amount of unrealized rent realized subsequently by an assessee shall be charged to tax in the financial year in which such rent is received or realized, whether the assessee is the owner of the property or not in that financial year 30% of the arrears of rent or the unrealized rent realized subsequently to be allowed as deduction.

Change - 12 Old ITR

10 Depreciation on 6 at full rate 11 Depreciation on 9 at half rate 12 Additional depreciation, if any, on 4 13 Additional depreciation, if any, on 7 14 Total depreciation* (10+11+12+13) 15 Expenditure incurred in connection with transfer of asset/ assets 16 Capital gains/ loss under section 50* (5 + 8 - 3 - 4 -7 - 15) (enter negative only if block ceases to exist) New ITR

In case of purchase of an asset which is put to use for less than 180 days, additional depreciation shall be restricted to 50% for that year and remaining would be allowable in the succeeding year. In old ITR Forms, no column was there under 'Schedule DPM' to claim unutilized 50% additional depreciation in succeeding year. Now in new ITR Forms such column has been inserted to claim unutilized 50% depreciation.

Change - 13 Old ITR

Depreciation on 6 at full 10 rate Depreciation on 9 at half 11 rate 12 Additional depreciation, if any, on 4 13 Additional depreciation, if any, on 7 14 Total depreciation (10+11+12+13) 15 Expenditure incurred in connection with transfer of asset/ assets 16 Capital gains/ loss under section 50 (5 + 8 -3-4 -7 - 15) (enter negative only if block ceases to exist) New ITR

Old column about Additional depreciation, if any, on 4 and 7 is deleted, as it is added in Change – 14.

Change - 14 Old ITR

Schedule OS Income from other sources 1 Income a Dividends, Gross 1a b Interest, Gross 1b Rental income from machinery, plants, c 1c buildings, etc., Gross Others, Gross (excluding income from owning race horses) Mention the d source Income by way of winnings from

lotteries, crossword puzzles etc.

Total 1d e Total (1a+1b+1c+1d) 1e New ITR

Earlier there is no specific mention of income from section 68 to 69D. Now it has been given specifically.

Change - 15

Old ITR

f Income included in „1e‟ chargeable to tax at special rate (to be taken to schedule SI)

Income by way of winnings from lotteries, crossword puzzles, i 1fi races, games, gambling, betting etc (u/s 115BB) Any other income chargeable to tax at the rate specified under ii 1fii Chapter XII/XII-A New ITR

New columns for sections 115BBDA ,115BBE and 115BBF have been inserted.

Change - 16 Old ITR 2 Part C- Deduction in respect of certain incomes c 80-IA d 80-IAB 80-IC/ 80- e 80-IB f IE g 80-ID h 80JJA i 80JJAA j 80LA k 80P Total deductions under Part C(Total of c to k) 2 3 Total deductions under Chapter VI-A (1 + 2) 3 New ITR

New deduction u/s. 80IAC is included

Deduction for eligible start-ups – section 80IAC New section 80-IAC inserted to provide 100% deduction of profits and gains derived from an eligible business of an eligible start up. Deduction allowable for any three consecutive years out of five years beginning from the year in which eligible start up is incorporated. Eligibility criteria for start up:- – Company or LLP Incorporated on or after 01.04.2016 but before 31.03.2019 – Total turnover does not exceed Rs.25 crores in any of the previous years beginning on or after 01.04.2016 and ending on 31.03.2021 – Holds certificate of eligible business from inter-ministerial board of certification – Not formed by splitting up, or the reconstruction, of a business already in existence – Not formed by the transfer to a new business of machinery or plant previously used for any purpose.

Change - 17 Old ITR Income chargeable to tax at special rates [Please see instruction Number-7(ii) for Schedule SI section and rate of tax] Special Income Tax Section/Description rate (%) (i) thereon (ii) 111A (STCG on shares/equity oriented MF on which STT paid) 15

115AD (STCG for FIIs on securities where STT not paid) 30

115AD(1)(ii) – Short term capital gains referred to in section 111A 15

112 proviso (LTCG on listed securities/units without indexation) 10

112(1)(c)(iii) (LTCG for non-resident on unlisted securities) 10

115AB (LTCG for non-resident on units referred in section115AB) 10 115AC (Income of a non-resident from bonds or GDR purchased in 10 foreign currency) 115AD (LTCG for FII on securities) 10 112(LTCG on others) 20 115BB (winnings from lotteries, puzzles, races, games, etc.) 30 Chargeable under DTAA rate 1

Total

New ITR New ITR

New section such 115BBDA, 115BBE, 115BBF and 115AC taxable at special rate of tax is inserted. This is linked to column under other sources.

ITR - 6 PERSONS ELIGIBLE TO USE THIS FORM This Form can be used by a company, other than a company claiming exemption under section 11.

CHANGES IN ITR – 6 Change – 1 Old ITR On or Before After due Retur Revised Return– Modified return- (a) due date- date– n filed 139(5) 92CD 139(1) 139(4)

u/s OR In response 139(9)- 142(1) 148 153A 153C 119(2)(b) to notice Defective

If revised/in response to Defective/modified, then enter Receipt No (b) and Date of filing original return (DD/MM/YYYY)

If filed, in response to notice u/s 139(9)/142(1)/148/153A/153C enter (c) date of such notice, or u/s 92CD enter date of advance pricing agreement

Residential Status (Tick) (d) Resident Non-Resident (√)

In the case of non-resident, is there a permanent (e) Yes No establishment (PE) in India (Tick) (√)

Old ITR Whether you are an FII / FPI? If yes, please (f) provide SEBI Regn. No.

Whether any transaction has been made with a (g) person located in a jurisdiction notified u/s 94A of Yes No the Act?

Whether this return is being filed by a (h) Yes No representative assessee ? (Tick) (√) If yes, please furnish following information –

(1) Name of the representative assessee (2) Address of the representative assessee Permanent Account Number (PAN) of the (3) representative assessee New ITR

New columns has been inserted.

Tax Incentives to International Financial Services Centre (‘IFSC’) (Section 10(38), 115JB, 115-O)  With a view to incentivize the growth of IFSC into a world class financial services hub, amends Sec 10(38) to provide for exemption from tax on capital gains to the income arising from transaction undertaken in foreign currency on a recognized stock exchange located in an IFSC even when STT is not paid in respect of such transactions.  Amends Sec 115JB to provide that in case of a company, being a unit located in IFSC and deriving its income solely in convertible foreign exchange, MAT shall be chargeable at the rate of 9%. 115JB(7)  Also amends Sec 115O so as to provide that no tax on distributed profits shall be chargeable in respect of total income of a company being a unit located in IFSC, deriving income solely in convertible foreign exchange, for any AY on any amount declared, distributed or paid by such company, by way of dividends (whether interim or otherwise) on or after April 1, 2017 out of its current income, either in the hands of the company or the person receiving such dividend.  Amends Sec 111A so that STT shall not apply to taxable securities transactions entered into by any person on a recognized stock exchange located in IFSC where the consideration for such transaction is paid or payable in foreign currency w.e.f. June 1, 2016.  Inserts Sec 132A so as to provide that the provisions of chapter VII shall also not apply to taxable commodities transactions entered into by any person on a recognized association located in unit of IFSC where the consideration for such transaction is paid or payable in foreign currency, thereby exempting such transaction from CTT w.e.f. June 1, 2016.

Change – 2 Old ITR Whether liable to maintain accounts as per section 44AA? a Yes No (Tick) (√)

N

b Whether liable for audit under section 44AB? (Tick) (√) Yes o

If (b) is Yes, whether the accounts have been audited by an N c Yes accountant? (Tick) (√) o If Yes, furnish the following information below Mention the date of furnishing of audit 1 report(DD/MM/YYYY) 2 Name of the auditor signing the tax audit report

AUDIT INFORMATION AUDIT 3 Membership no. of the auditor 4 Name of the auditor (proprietorship /firm) Permanent Account Number (PAN) of the auditor 5 (proprietorship/ firm) 6 Date of audit report. If liable to furnish other audit report under the Income-tax Act, mention the date of d furnishing the audit report?(DD/MM/YY (Please see Instruction 5ii) Section Date of furnishing the audit report New ITR

New column is inserted about proprietorship/firm registration number..

Change – 3 Old ITR

Part A – BS BALANCE SHEET AS ON 31st DAY OF MARCH, 2016

New ITR

New date of amalgamation is inserted this year. Change – 4 Old ITR Part A – BS BALANCE SHEET AS ON 31st DAY OF MARCH, 2016 I Equity and Liabilities D Short-term provisions i Provision for employee benefit i ii Provision for Income-tax ii iii Provision for Wealth-tax iii iv Proposed Dividend iv v Tax on dividend v vi Other vi vii Total Short-term provisions (i + ii +iii + iv + v + vi) 4D Total Equity and liabilities (1D + 2 + 3E + 4E) I

New ITR

Old column of Provision for Wealth-tax has been deleted. Change – 5 Old ITR 8 A Amounts debited to the profit and loss account, to the extent disallowable under section 40 a Amount disallowable under section 40 (a)(i), on account of non-compliance with the provisions of Aa Chapter XVII-B b Amount disallowable under section 40(a)(ia) on account of non-compliance with the provisions of Ab Chapter XVII-B Amount disallowable under section 40(a)(iii) on c account of non-compliance with the provisions of Ac Chapter XVII-B d Amount of tax or rate levied or assessed on the basis Ad of profits [40(a)(ii)] e Amount paid as wealth tax [40(a)(iia)] Ae f Amount paid by way of royalty, license fee, service fee Af etc. as per section 40(a)(iib) Amount of interest, salary, bonus, commission or g Ag remuneration paid to any partner or member [40(b)] h Any other disallowance Ah i Total amount disallowable under section 40(total of Aa to Ah) 8Ai B Any amount disallowed under section 40 in any preceding previous 8B year but allowable during the previous year

New ITR New ITR

New column asking for details about non compliance of provisions of chapter VIII of finance act 2016 (Equalisation levy) is inserted.

Change – 6 NEWLY INSERTED IN THIS YEAR Change – 6 NEWLY INSERTED IN THIS YEAR

Change – 7 Old ITR Part B - TI Computation of total income 1 Income from house property (4c of Schedule-HP) (enter nil if loss) 2 Profits and gains from business or profession i Profits and gains from business other than speculative business and specified business (A38 of 2i Schedule-BP) (enter nil if loss) ii Profits and gains from speculative business (B42 of Schedule-BP) (enter nil if loss and take 2ii the figure to Schedule CFL)

iii Profits and gains from specified business (C48 of Schedule BP) (enter nil if loss and take the 2iii figure to Schedule CFL)

iv Total (2i + 2ii + 2iii) New ITR

New column asking income from patent u/s. 115BBF is inserted.

Change – 8 Old ITR Part B - TTI Computation of tax liability on total income 2 Tax payable on total income a Tax at normal rates on 15 of Part B-TI 2a

b Tax at special rates (total of col. (ii) of 2b Schedule-SI) d Tax Payable on Total Income (2a + 2b) 2d e Surcharge on 2d 2e f Education cess, including secondary and higher 2f education cess on (2d+2e) g Gross tax liability (2d + 2e + 2f) 2g New ITR

New column about surcharge has been formatted.

Change – 9 Old ITR

Account Number (the Indicate the account in Cash IFS Code of Name of the number should be 9 digits which you prefer to get Sl. Credit/ the Bank Bank or more as per CBS your refund credited, if Current system of the bank ) any (tick one account √) New ITR

The column total number of saving and current bank account held by you at any time during the year is deleted. The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given. New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced.

Change – 10 Old ITR 3 Income under the head “Income from house property” a Rent of earlier years realized under section 25A/AA 3a Arrears of rent received during the year under section 25B after b 3b deducting 30% c Total (from all properties) 3c New ITR

Simplification and rationalisation of provisions relating to taxation of unrealised rent and arrears of rent (Section 25 A) Merges existing provisions of Sections 25A, 25AA and 25B (relating to taxation of unrealized rent) under a single new Sec 25A. Amount of rent received in arrears or the amount of unrealized rent realized subsequently by an assessee shall be charged to tax in the financial year in which such rent is received or realized, whether the assessee is the owner of the property or not in that financial year 30% of the arrears of rent or the unrealized rent realized subsequently to be allowed as deduction.

Change – 11 Old ITR Schedule BP Computation of income from business or profession Income/ receipts credited to profit and loss account considered under 3 other heads of income a House property 3a b Capital gains 3b c Othersources 3c New ITR

There are inclusion of new column asking details of income u/s. 115BBF. Change – 12 Old ITR Depreciation on Plant and Machinery Schedule DPM (Other than assets on which full capital expenditure is allowable as deduction under any other section) 1 Block of assets Plant and machinery 15 30 40 50 60 80 100 2 Rate (%) (i) (ii) (iii) (iv) (v) (vi) (vii) 3 Written down value on the first day of previous year 4 Additions for a period of 180 days or more in the previous year 5 Consideration or other realization during the previous year out of 3 or 4 6 Amount on which depreciation at full rate to be allowed (3 + 4 -5) (enter 0, if result is negative) 7 Additions for a period of less than 180 days in the previous year 8 Consideration or other realizations during the year out of 7 9 Amount on which depreciation at half rate to be allowed (7 – 8) (enter 0, if result is negative) 10 Depreciation on 6 at full rate

Old ITR Depreciation on Plant and Machinery Schedule DPM (Other than assets on which full capital expenditure is allowable as deduction under any other section) 11 Depreciation on 9 at half rate 12 Additional depreciation, if any, on 4 13 Additional depreciation, if any, on 7 14 Total depreciation (10+11+12+13) 15 Expenditure incurred in connection with transfer of asset/ assets 16 Capital gains/ loss under section 50 (5 + 8 -3-4 -7 -15) (enter negative only if block ceases to exist) 17 Written down value on the last day of previous year* (6+ 9 -14) (enter 0 if result is negative) New ITR

New ITR

In case of purchase of an asset which is put to use for less than 180 days, additional depreciation shall be restricted to 50% for that year and remaining would be allowable in the succeeding year. In old ITR Forms, no column was there under 'Schedule DPM' to claim unutilized 50% additional depreciation in succeeding year. Now in new ITR Forms such column has been inserted to claim unutilized 50% depreciation. Change – 13 Old ITR Depreciation on other assets (Other than assets on which full capital Schedule DOA expenditure is allowable as deduction) 1 Block of assets Building Furniture Intangibl Ships and e fittings assets 2 Rate (%) 5 10 100 10 25 20 (i) (ii) (iii) (iv) (v) (vi) 3 Written down value on the first day of previous year 4 Additions for a period of 180 days or more in the previous year 5 Consideration or other realization during the previous year out of 3 or 4 6 Amount on which depreciation at full rate to be allowed (3 + 4 -5) (enter 0, if result is negative) 7 Additions for a period of less than 180 days in the previous year 8 Consideration or other realizations during the year out of 7 9 Amount on which depreciation at half rate to be allowed (7-8) (enter 0, if result is negative)

Old ITR Depreciation on other assets (Other than assets on which full capital Schedule DOA expenditure is allowable as deduction) 10 Depreciation on 6 at full rate 11 Depreciation on 9 at half rate 12 Additional depreciation, if any, on 4 13 Additional depreciation, if any, on 7 14 Total depreciation (10+11+12+13) 15 Expenditure incurred in connection with transfer of asset/ assets 16 Capital gains/ loss under section 50* (5 + 8 - 3-4 -7 -15) (enter negative only if block ceases to exist) 17 Written down value on the last day of previous year* (6+ 9 -14) (enter 0 if result is negative) New ITR

Old column about Additional depreciation, if any, on 4 and 7 is deleted, as it is added in Change – 14.

Change – 14 Old ITR D Information about deduction claimed In case of deduction u/s 54B/54D/54EC/54G/54GA give 1 following details Date of its Amount deposited in Amount of Cost of new Section acquisition/co Capital Gains Accounts deduction asset nstruction Scheme before due date

c Total deduction claimed 1c New ITR

Formatting is changed. Change – 15 Old ITR Schedule OS Income from other sources 1 Income a Dividends, Gross 1a b Interest, Gross 1b c Rental income from machinery, plants, buildings, etc., 1c Gross Others, Gross (excluding income from owning race horses) Mention the d source Income by way of winnings from lotteries, crossword puzzles etc.

Total 1d e Total (1a+1b+1c+1d) 1e

New ITR Earlier there is no specific mention of income from section 68 to 69D. Now it has been given specifically. Old ITR Schedule OS Income from other sources f Income included in „1e‟ chargeable to tax at special rate (to be taken to schedule SI) Income by way of winnings from lotteries, crossword puzzles, races, i 1fi games, gambling, betting etc (u/s 115BB) Any other income chargeable to tax at the rate specified under Chapter ii 1fii XII/XII-A iii FOR NON-RESIDENTS- Income chargeable to be taxed under DTAA Correspondin Countr Rate Article Whether g section of y of tax Amount of Sl. of TRC the Act which name, under income DTAA obtained? prescribes code DTAA rate

III Total amount of income chargeable to tax under DTAA 1fiii iv Income included in „1e‟ chargeable to tax at special rate (1fi +1fii + 1fiii) 1fiv

New ITR

New columns for sections 115BBDA ,115BBE and 115BBF have been inserted. Change -16 Old ITR

Income chargeable to Income tax at special rates [Please see Schedule SI instruction Number-7(ii) for section and rate of tax] Special Income Tax thereon Section/Description rate (%) (i) (ii) 111A (STCG on shares/equity oriented MF on which 15 STT paid) 115AD (STCG for FIIs on securities where STT not 30 paid) 115AD(1)(ii) – Short term capital gains referred to in 15 section 111A 112 proviso (LTCG on listed securities/units without 10 indexation) 112(1)(c)(iii) (LTCG for non-resident on unlisted 10 securities) 115AB (LTCG for non-resident on units referred in 10 section115AB) 115AC (Income of a non-resident from bonds or 10 GDR purchased in foreign currency) 115AD (LTCG for FII on securities) 10

Old ITR

Income chargeable to Income tax at special rates [Please see Schedule SI instruction Number-7(ii) for section and rate of tax] Special Income Tax thereon Section/Description rate (%) (i) (ii) 112(LTCG on others) 20 115BB (winnings from lotteries, puzzles, races, 30 games, etc.) Chargeable under DTAA rate 1

Total New ITR

New ITR

New section such 115AC, 115BBDA, 115BBE, 115BBF and 115AC taxable at special rate of tax is inserted. This is linked to column under other sources. Change -17 Old ITR Schedule MAT Computation of Minimum Alternate Tax payable under section 115JB 5 Additions (if debited in profit and loss account) a Income Tax paid or payable or its provision including the amount 5a of deferred tax and the provision thereof b Reserve (except reserve under section 33AC) 5b c Provisions for unascertained liability 5c d Provisions for losses of subsidiary companies 5d e Dividend paid or proposed 5e f Expenditure related to exempt income under sections 10, 11 or 12 [exempt income excludes 5f income exempt under section 10(38)] g Expenditure related to share in income of AOP/ BOI on which no 5g income-tax is payable as per section 86 h Expenditure in case of foreign company referred to in clause (fb) 5h of explanation 1 to section 115JB i Notional loss on transfer of certain capital assets or units referred 5i to in clause (fc) of explanation 1 to section 115JB j Depreciation attributable to revaluation of assets 5j Gain on transfer of units referred to in clause (k) of explanation 1 k 5k to section 115JB Others (Including residual unadjusted items and Provisions for l 5l diminution in the value of any asset) m Total additions (5a+5b+5c+5d+5e+5f+5g + 5h +5i +5j +5k +5l) 5m

New ITR

New column inserted u/s. 115BBF is inserted. ITR - 7

PERSONS ELIGIBLE TO USE THIS FORM This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E).

CHANGES IN ITR – 7

Change – 1 Old ITR

Return furnished under 139(4 (b) 139(4A) 139(4B) 139(4C) 139(4E)

section D)

If revised/in response to defective/modified, then enter Receipt (c ) No. and Date of filing original return (DD/MM/YYYY)

If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C enter date (d)

of such notice, or u/s 92CD enter date of advance pricing agreement FILING STATUS FILING Residential Status? (e) Resident Non-Resident (Tick) (√) New ITR

New column inserted u/s. 139(4F) is inserted. [(4F)Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]

Change – 2 Old ITR

Whether registered under Foreign Contribution (Regulation) i Yes No Act, 2010 (FCRA)? ii If yes, then enter Registration No. iii Date of Registration (DD/MM/YYYY) I Total amount of foreign contribution received during the a Rs. year, if any iv Specify the purpose for which the above contribution is b received New ITR

New column for Business trust registered with SEBI is inserted.

Newly inserted in this year ITR Change – 3 Old ITR STATEMENT OF INCOME FOR THE PERIOD ENDED ON 31ST Part B - TI MARCH 2016 Income from house property [3c of Schedule-HP] (enter nil 1 1 if loss) Profits and gains of business or profession [as per item no. 2 2 E 35 of schedule BP] 3 Income under the head Capital Gains a Short term (A5 of schedule CG) 3a Long term (B3 of schedule CG) (enter b 3b nil if loss) c Total capital gains (3a + 3b) (enter nil if loss) 3c Income from other sources [as per item no. 4 of Schedule 4 4 OS] 5 Voluntary Contributions (C of schedule VC) 5 6 Gross income [1+2+3c+4+5] 6 If registered under section 12A/12AA, fill out items 7 to 13

New ITR

Presentation and formatting is changed. Change – 4 Old ITR STATEMENT OF INCOME FOR THE PERIOD ENDED ON 31ST MARCH Part B - TI 2016 13 Amount of income exempt under any clause of section 10, to the 13 extent that is included in 12 above 14 Amount eligible for exemption under section 10(21), 10(22B), 14 10(23A), 10(23B), 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via) 15 Amount eligible for exemption under section 10(23C)(iiiab), 15 10(23C)(iiiac), 10(23C)(iiiad), 10(23C)(iiiae), 10(24), 10(46), 10(47) 16 Amount eligible for exemption under any clause, other than those 16 at 14 and 15, of section 10 17 Income chargeable under section 11(3) read with section 10(21) 17 18 Income claimed/ exempt under section 13A or 13B in case of a 18 Political Party or Electoral Trust (fill Schedule LA or ET) 19 Income chargeable to tax (6 – 8 - 9viii + 10v + 11 – 14 – 15 – 16 + 19 17 - 18) 20 Losses of current year to be set off against 19 (total of 2ix, 3ix and 20 4ix of Schedule CYLA) 21 Gross Total Income (19 - 20) 21 22 Income chargeable to tax at special rate under section 111A, 112 22 etc. included in 21 23 Deduction u/s 10A or 10AA 23

New ITR New ITR

New section have been added at column 9. Column 13 has been reformatted.

Change – 5 Old ITR Part B - TTI Computation of tax liability on total income 3 Surcharge on 2f

New ITR

New column about surcharge has been formatted. Change – 6 Old ITR Details of all Bank Accounts held in India at any time during the previous year 16 (excluding dormant accounts) Total number of savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts). Provide the details below. Account Number Indicate the account Savings/ (the number should in which you prefer to IFS Code of Name of the Current/ Sl. be 9 digits or more get your refund the Bank Bank Cash as per CBS system credited, if any (tick Credit of the bank ) one account √)

Do you at any time during the previous year,- (i) hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or 17 Yes No (ii) have signing authority in any account located outside India; (iii) have income from any source outside India? [applicable only in case of a resident] [Ensure Schedule FA is filled up if the answer is Yes]

New ITR

The column total number of saving and current bank account held by you at any time during the year is deleted. The type of account column is deleted (Meaning to say all types of accounts including Post Office SB Account , Loan Account, Current Account, Savings Account, Over Draft Account, CC Account etc need to be given. New column for cash deposit during 09.11.2016 to 30.12.2016 is introduced. Change – 7 Old ITR Statement of particulars regarding the Author(s) / Founder(s) / Trustee(s) Schedule K / Manager(s), etc., of the Trust or Institution A Name(s) of author(s) / founder(s) / Settlors(s) and address(es), if alive Sl. Name and address PAN

Name(s) of the person(s) who was / were trustee(s) / manager(s) during the B previous year(s) Sl. Name and address PAN

Name(s) of the person(s) who has / have made substantial contribution to the C trust / institution in terms of section 13(3)(b) Sl. Name and address PAN

Name(s) of relative(s) of author(s), founder(s), trustee(s), manager(s), and substantial contributor(s) and where any such author, founder, trustee, D manager or substantial contributor is a Hindu undivided family, also the names of the members of the family and their relatives Sl. Name and address PAN

New ITR

New column is inserted for Aadhaar number of author/founder /trustee/manager. New Inserted this year ITR

New Inserted this year ITR New Inserted this year ITR

New Inserted this year ITR Change – 8 Old ITR

Schedule HP Details of Income from House Property (Please refer to instructions) 3 Income under the head “Income from house property” a Rent of earlier years realized under section 25A/AA 3a Arrears of rent received during the year under section 25B after b 3b deducting 30% Total (i + 3a + 3b) (if negative take the figure to 2i of schedule c 3c CYLA)

New ITR

Simplification and rationalisation of provisions relating to taxation of unrealised rent and arrears of rent (Section 25 A) Merges existing provisions of Sections 25A, 25AA and 25B (relating to taxation of unrealized rent) under a single new Sec 25A. Amount of rent received in arrears or the amount of unrealized rent realized subsequently by an assessee shall be charged to tax in the financial year in which such rent is received or realized, whether the assessee is the owner of the property or not in that financial year 30% of the arrears of rent or the unrealized rent realized subsequently to be allowed as deduction. Change – 9 Old ITR Schedule OS Income from other sources 1 Income a Dividends, Gross 1a b Interest, Gross 1b Rental income from machinery, plants, c 1c buildings, etc., Gross d Others, Gross (excluding income from owning race horses) Mention the source Income from winnings from lotteries, crossword puzzles etc.

Total 1d e Total (1a+1b+1c+1d) 1e

New ITR

New columns for sections 115BBDA ,115BBE and 115BBF have been inserted. Change – 10 Old ITR Schedule- VC Voluntary Contributions A Local i Corpus fund donation Ai ii Other than corpus fund donation Aii iii Voluntary contribution local (Ai + Aii) Aiii B Foreign contribution i Corpus fund donation Bi ii Other than corpus fund donation Bii iii Foreign contribution (Bi + Bii) Biii C Total Contributions (Aiii + Biii) C D Anonymous donations, included in C, chargeable u/s 115BBC Aggregate of such anonymous donations i i received 5% of total donations received at C or 1,00,000 ii ii whichever is higher Anonymous donations chargeable u/s 115BBC iii iii @ 30% (i – ii)

New ITR

New columns for grants from government and Corporate social responsibility is inserted. Change – 11 Old ITR Schedule BP Computation of income from business or profession From business or profession other than speculative A business and specified business Profits and gains of business or profession deemed 19 to be under - i Section 44AD 19i ii Section 44AE 19ii iii Total (19i to 19ii) 19iii New ITR

New columns for sections44ADA is inserted.

Change – 12 Old ITR Schedule MAT Computation of Minimum Alternate Tax payable under section 115JB 4 Additions (if debited in profit and loss account) a Income Tax paid or payable or its provision including the amount 4a of deferred tax and the provision therefor b Reserve (except reserve under section 33AC) 4b c Provisions for unascertained liability 4c d Provisions for losses of subsidiary companies 4d e Dividend paid or proposed 4e f Expenditure related to exempt income under sections 10, 11 or 12 4f [exempt income excludes income exempt under section 10(38)] g Expenditure related to share in income of AOP/ BOI on which no 4g income-tax is payable as per section 86 h Expenditure in case of foreign company referred to in clause (fb) 4h of explanation 1 to section 115JB i Notional loss on transfer of certain capital assets or units referred 4i to in clause (fc) of explanation 1 to section 115JB j Depreciation attributable to revaluation of assets 4j k Gain on transfer of units referred to in clause (k) of explanation 1 4k to section 115JB l Others (Including residual unadjusted items and Provisions for 4l diminution in the value of any asset) m Total additions (4a+4b+4c+4d+4e+4f+4g+4h+4i+4j+4k+4l) New ITR

New column inserted u/s. 115BBF is inserted.

Change – 13 Old ITR Schedule MAT Computation of Minimum Alternate Tax payable under section 115JB 5 Deductions a Amount withdrawn from reserve or provisions if credited to Profit and 5a Loss account b Income exempt under sections 10, 11 or 12 [exempt income excludes 5b income exempt under Section 10(38)] c Amount withdrawn from revaluation reserve and credited to profit and loss account to the extent it does not exceed the amount of depreciation 5c attributable to revaluation of asset d Share in income of AOP/ BOI on which no income-tax is payable as per 5d section 86 credited to Profit and Loss account e Income in case of foreign company referred to in clause (iid) of 5e explanation 1 to section 115JB f Notional gain on transfer of certain capital assets or units referred to in 5f clause (iie) of explanation 1 to section 115JB g Loss on transfer of units referred to in clause (iif) of explanation 1 to 5g section 115JB h Loss brought forward or unabsorbed depreciation whichever is less 5h i Profit of sick industrial company till net worth is equal to or exceeds 5i accumulated losses j Others (including residual unadjusted items and the amount of deferred 5j tax credited to P&L A/c) k Total deductions (5a+5b+5c+5d+5e+5f+5g+5h+5i+5j) 6 Book profit under section 115JB (3+ 4m– 5k) 7 Tax payable under section 115JB [18.5% of (6)] New ITR

New column inserted for income by the way of royalty to in clause(iig) of explanation 1 to section 115JB is inserted.

Change – 14 Old ITR Schedule SI Income chargeable to tax at special rates [Please see instruction] Special Income Tax thereon Section rate (%) (i) (ii) 111A (STCG on shares where STT paid) 15 115AD (STCG for FIIs on securities where STT not paid) 30 115AD(1)(ii) – Short term capital gains referred to in section 15 111A 112 proviso (LTCG on listed securities/units without 10 indexation) 112(1)(c)(iii) (LTCG for non-resident on unlisted securities) 10 115AB(1)(b) (LTCG on transfer of units by an Offshore 10 Fund 115AC (Income of a non-resident from bonds or GDR 10 purchased in foreign currency) 115AD (LTCG for FIIs on securities) 10 112(LTCG on others) 20 115BB (winnings from lotteries, puzzles, races, games, 30 etc.) Chargeable under DTAA rate 1

Total New ITR

New section such 115AD(1)(ii), 115AB, 115AD and 115AC taxable at special rate of tax is deleted.

Newly inserted in this year ITR Levy of tax where charitable institution ceases to exist or converts into a non-charitable organization New Chapter XII-EB ‗Special provision relating to tax on accreted income of certain trust or institution‘ is inserted comprising of sections 115TD to 115TF. Salient provisions of this chapter are as under:- 1) The accreted income of trust or institution registered u/s 12A shall be charged to tax:- – on conversion of trust or institution into a form not eligible for registration u/s 12AA or – on merger with any entity other than an entity which is a trust or institution having objects similar to it and registered u/s 12AA; or

– on failure to transfer upon dissolution all its assets to any other trust or institution registered u/s 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub- clause (via) of clause (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place

2) A trust or institution shall be deemed to have been converted into a form not eligible for registration u/s 12AA if -the registration granted u/s 12AA is cancelled -it has adopted or undertaken modification of its object which do not confirm to the condition of registration and it has (a) not applied for fresh registration u/s 12AA in the said previous year or (b) application for fresh registration filed u/s 12AA has been rejected 3) Accreted income shall be amount of aggregate of total assets as reduced by the liability as on the specified date. The method of valuation is proposed to be prescribed in rules. 4) The asset and the liability of the charitable organization which have been transferred to another charitable organization within specified time will be excluded while calculating accreted income.

5) The taxation of accreted income shall be at the maximum marginal rate and such tax is to be paid within 14 days from (a) the date of cancellation of registration order (b) the end of previous year if not applied for fresh registration (c) the date of rejection of fresh application of registration (d) date on which trust got merged with entity not having object required for registration u/s 12AA (e) date on which period of 12 months expires in case of dissolution of trust if it fails to transfer all its assets to other trust registered u/s 12AA or approved u/s 10(23C)(iv)(v)(vi)(via)

6) This levy shall be in addition to any income chargeable to tax in the hands of the entity. 7) This tax shall be final tax for which no credit can be taken by the trust or institution or any other person, and like any other additional tax, it shall be leviable even if the trust or institution does not have any other income chargeable to tax in the relevant previous year. 8) In case of failure of payment of tax within the prescribed time, simple interest @ 1% per month or part of it shall be applicable for the period of non-payment. 9) For the purpose of recovery of tax and interest, the principal officer or the trustee and the trust or the institution shall be deemed to be assessee in default and all provisions related to the recovery of taxes shall apply. Further, the recipient of assets of the trust, which is not a charitable organization, shall also be liable to be held as assessee in default in case of non-payment of tax and interest. However, the recipient‘s liability shall be limited to the extent of the assets received.