Select ITR -2 if you hold any equity shares in Unlisted Company

An individual having income from salary, one house property and income from other sources and whose total income chargeable to tax is upto Rs 50 lakh is required to file Sahaj ITR-1. As per the latest updated form released by the CBDT for the Income tax return filing of financial year 2018-2019 , any person who made investment in any unlisted equity shares or is a director in any company shall not be eligible to file the Sahaj ITR-1. Hence, any such person needs to file the income tax return in ITR -2

It is also mandatory for all the directors in listed and unlisted companies to disclose details like Director Identification Number (DIN), Permanent Account Number (PAN), equity holding along with the names of the companies in the new income tax return form ( ITR –2)

Income Tax Department is getting more specific while seeking details regarding Investments, it is advisable to be more cautious and aware of the tax and its disclosure implication while making any financial investment.

 

Visit www.papertax.in and speak to your dedicated tax adviser for any further queries with regards to your taxation , or download paper tax mobile application from google play store to stay updated for any legal updates.

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