ITR Filing: According to the rules of Income Tax, if some information is not disclosed in the ITR, then the return of the taxpayer will not be considered correct and they can get a notice from the Income Tax Department.
ITR Filing: The deadline for filing returns for the financial year 2020-21 has been extended from 30 September to 31 December. Individual taxpayers and whose accounts are not audited, such assessees have to file returns by December 31. Certain information is required to be disclosed while filing the return. Some taxpayers are unable to provide certain information by mistake.
However, in case of non-disclosure of these according to the rules of Income Tax, the return of the taxpayer will not be considered correct and they can get a notice from the Income Tax Department. In such a situation, to avoid any such notice regarding ITR, you must give these five information in ITR, from bank accounts to any kind of assets or holdings in foreign countries.
Bank account information
Taxpayers have to provide information about all bank accounts in ITR. It also includes accounts in which they have joint holdings. Taxpayers have to provide bank name, account number and IFSC code. If there are multiple bank accounts, it is necessary to mention the account in which the refund is to be received. However, if a bank account has been lying dormant for the last three years, then it is not mandatory to give its information.
Unlisted Equity Shares Information
If a taxpayer has bought shares of a company which is not listed in the market yet, then this information will have to be given in the ITR. Under this, the name of the company in which the holdings are there, PAN, the total number of shares bought and sold throughout the year will have to be given.
If shares of a foreign unlisted company have been purchased and the same has been disclosed under the Foreign Assets Schedule, the same will also have to be reported separately in the form of unlisted equity shares. According to tax affairs expert Balwant Jain, if taxpayers are holding unlisted shares, then ITR-1 form cannot be filled, but ITR-2 or ITR-3 form will have to be used.
Disclosure of assets-liabilities on taxable income above 50 lakhs
Taxpayers whose taxable income is more than Rs 50 lakh in a financial year are required to provide details of land, buildings, movable property, bank accounts, shares and bonds etc. Apart from this, such taxpayers also have to disclose any kind of liabilities on these assets. It has to be disclosed under Schedule Assets and Liabilities.
Information about being a director in a domestic or foreign company
If the taxpayer is a director in an Indian or foreign company, then this information will have to be given in the ITR. Under this, information about the Director Identification Number (DIN), name, type and PAN of the company will have to be given. Apart from this, information will also have to be given whether the shares of the company are listed on any recognized stock exchange or not. If you are a director in a company, then ITR-2 or ITR-3 form has to be used for ITR.
Disclosure of foreign assets
If taxpayers have held ownership or beneficiary share in any foreign asset for even a day, they will be required to mention the same in the ITR. If you do not do this, then you may have to pay tax on undisclosed income or property at the rate of about three times i.e. 30 percent along with fine. According to Jain, under this, assets abroad, holdings in a foreign company or investment in foreign mutual funds, etc. have to be disclosed.
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