CBDT Releases FAQs on ITR Filing to Assist Taxpayers

The Central Board of Direct Taxes (CBDT) has released a list of FAQs on Thursday to ease up income tax returns filing for those with a directorship in a foreign company and held equity shares outside India.

The revenue department also explained through FAQs that mentioning of unlisted equity shares received as a gift, will or amalgamation and also as assets will be held as ‘stock-in-trade’.

E-Filing FAQs issued by CBDT are basically the queries being asked by the taxpayers in regard to filing ITR.

While filing for ITR, on the requirement of mentioning break-up of all payments and receipts in foreign currency throughout the year, the FAQs said, “the break-up of receipts and payments in foreign currency is required to be reported only in respect of business operations in India”.

Further FAQs explained, suppose jewellery/motor vehicle is kept as stock-in-trade business, the Assessee has to report only the aggregate values while there is no need of reporting the separate value of each asset help as stock-in-trade.

For the long term capital gains, the FAQs suggest for the tools provided in the department portal for the taxpayer’s convenience for LTCG evaluation.

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

It gives an aid of computing aggregate long term gain or loss manually, which taxpayers can directly fill in the appropriate particulars.