Bugs in ITR-2 form Revision PR2 Excel Utility


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Ashish Aggarwal   31 July 2019

Ashish Aggarwal

 8 points

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Hi - Two things here:

1) When you say "transferred to Schedule SI" - Do you mean that automatically the Schedule SI cells will get populated, OR do you have to manually enter the data. Can you please show how?

2) Even in that case - what about the issue of STCL getting unnecessarily adjusted. It should be carried forward to next year but current utility adjusts it against the LTCG during "Compute Set-off"

 

Originally posted by : rishabhsharma



Originally posted by : Nirmal Bhansali



There are definitely few bugs in Schedule CG which need to be fixed before due date. 1. Item b4-d : LTCG after threshold limit as per section 112A(4c-Rs 1 lakh) is disabled. 2. Item b4-f : LTCG on sale of capital assets at B4 above (4c-4e) is wrong and it should have been (4d-4e) 3. Due to above bugs, any positive LTCG <1 lakh or above 1 Lakh is carried forward to other schedules n taxed accordingly without considering threshold limits. 4. These two bugs were not there in earlier revision PR1.2. 5. These bugs need to be fixed immediately to enable taxpayers file ITR before due date.





Dear Sir,

After the recent utility changes, department has shifted the exemption of Rs. 1,00,000 from Schedule CG to Schedule SI.

assume your Capital gain before exemption is Rs. 2,50,000. Then 2,50,000 will be transferred to Schedule SI but tax on such income will be calculated after providing exemption of Rs. 1,00,00.

so final tax will be (2,50,000-1,00,000)*10%=15,000

*Ignoring basic exemption limit.

 

rishabhsharma (Article Assistant)     31 July 2019

rishabhsharma
Article Assistant 
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Originally posted by : Ashish Aggarwal
 

Hi - Two things here:

1) When you say "transferred to Schedule SI" - Do you mean that automatically the Schedule SI cells will get populated, OR do you have to manually enter the data. Can you please show how?

2) Even in that case - what about the issue of STCL getting unnecessarily adjusted. It should be carried forward to next year but current utility adjusts it against the LTCG during "Compute Set-off"

 




Originally posted by : rishabhsharma






Originally posted by : Nirmal Bhansali



There are definitely few bugs in Schedule CG which need to be fixed before due date. 1. Item b4-d : LTCG after threshold limit as per section 112A(4c-Rs 1 lakh) is disabled. 2. Item b4-f : LTCG on sale of capital assets at B4 above (4c-4e) is wrong and it should have been (4d-4e) 3. Due to above bugs, any positive LTCG <1 lakh or above 1 Lakh is carried forward to other schedules n taxed accordingly without considering threshold limits. 4. These two bugs were not there in earlier revision PR1.2. 5. These bugs need to be fixed immediately to enable taxpayers file ITR before due date.





Dear Sir,

After the recent utility changes, department has shifted the exemption of Rs. 1,00,000 from Schedule CG to Schedule SI.

assume your Capital gain before exemption is Rs. 2,50,000. Then 2,50,000 will be transferred to Schedule SI but tax on such income will be calculated after providing exemption of Rs. 1,00,00.

so final tax will be (2,50,000-1,00,000)*10%=15,000

*Ignoring basic exemption limit.





 

1. when you enter data in sr. no. B4 of ITR-2, utility automatically transfers the amount to Schedule SI. you dont have to do anything. All the rows of Scedule SI are disabled so you can not enter any amount manually.

2. Before these changes, setting off of losses was proper. First we used to get Rs. 1,00,000 exemption and then losses set off.

but now first losses are set off against LTCG u/s 112A and balance LTCG, if any, will be eligible for exemption of Rs. 1,00,000.

 

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Ashish Aggarwal   31 July 2019

Ashish Aggarwal

 8 points

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OK. So that means we can't do anything about STCL issue. For the Schedule SI, apart from the adjusted value after set-off - I don't see any mention of Rs 1,00,000 mentioned or auto-populated anywhere. Please see images attached.

 


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