Entering MF Folio No in schedule 112A of ITR2 for AY19-20

Originally posted by : Suraj
	From where I will get ISIN number of Mutual funds and share? Please provide site address. Thanks & Regards, Suraj

Mutual Fund ISIN:

https://nsdl.co.in/mutual-fund-popup.htm

Income tax department has added schedule 112A on 11/07/2019. 

But the assessee is not required to fill it. you can directly fill Sr. no B4 in case of ITR-2 and Sr. no B5 in case of ITR-3.

I filled 112A and total of last column LTCG is 1124. On CG schedule it is 620 due to calculation of each line. What surprises me is that though this amount is less than 1 lakh, 620 is included for 10% LTCG for tax calculation. It seems any LTCG under 112A is being taxed in ITR 2 released on 11-7-19 instead of amount over 1 lakh. If 112A is filled CG schedule should automatically fill LTCG section B4. and is not done.

Dear Sir,

* earlier deptt. used to provide exemption of Rs. 1,00,000 in schedule CG and the balance CG will be transferred to Schedule SI.

* but after 11/07/2019 changes,whole CG u/s 112A is transferred to Schedule SI but tax will be calculated on CG after providing exemption.

*Because of this change, the Gross total income of assessee will be increased by Rs. 1,00,000

Originally posted by : Sunil Verma
	I filled 112A and total of last column LTCG is 1124. On CG schedule it is 620 due to calculation of each line. What surprises me is that though this amount is less than 1 lakh, 620 is included for 10% LTCG for tax calculation. It seems any LTCG under 112A is being taxed in ITR 2 released on 11-7-19 instead of amount over 1 lakh. If 112A is filled CG schedule should automatically fill LTCG section B4. and is not done.

I am using the same 11-July-2019 version of ITR2 and I find in my case that the grand total of last row column of Schedule 112A is directly getting entered automatically in Schedule CG -> B4.

In my case the amount is negative so it is considering LTCL during the year and the same is getting adjusted with LTCG from Debt funds from Schedule CG -> B9. So you need to save your data, refresh all on excel and check once more.

Actually,

Someone must actually try and enter Schedule 112A such that LTCG is more than Rs 1 Lakh. Then we must see if the excel is computing LTCG gains correctly.

No. Because of grandfathering it will not be affected.

Originally posted by : rishabhsharma
	Income tax department has added schedule 112A on 11/07/2019.  But if the assesee is not required to fill it. you can directly fill Sr. no B4 in case of ITR-2 and Sr. no B5 in case of ITR-3.

As far as I know the previous version of 14-Jun-2019 also had the Schedule 112A.

Why would department add Schedule 112A without requiring assessee to fill it? What would be the purpose of the same then?

Reason is, if we fill in Schedule 112A, even though LTCL from shares is just Rs 150, and LTCG and LTCL from Equity Mutual funds is 0, the rounding and re-rounding effect of NAV and Amounts of Mutual funds adds Rs -10 or Rs -13 in some case.

Schedule 112A is not foolproof as of now. It is half-hearted. We cannot nullify the -0.35, and -0.22 and -0.52 in the last column.

And finally should the assessee fill Schedule 112A? 

Dear Sir,

Schedule 112A was not available in previous versions.

If you directly enter aggregate amount in Sr. no. B4 of schedule CG, XML will be generated without any error. 

It means 112A is not mandatory and If schedule 112A had been mandatory, department must have provided validations regarding the same.

you can also check validation rules, department has not added any rules regarding schedule 112A.

This is my personal view as department has not issued any clarification till now.

Thanks.

I had downloaded the ITR2 excel on 10-July-2019 and it was ITR2_2019_PR1.2.xlsx dated 14-Jun-2019 and I remember entering the Schedule 112A in that version too.

On 11-July-2019 the ITR2 downloaded earlier stopped working because the macros were disabled. It was then I downloaded the 11-July version and imported all data from older version to the newer version.

I am confused. So AY2019-20 should we skip the Schedule 112A?

CPC-ITR folks may reject the ITR2 during processing if they see data in Schedule CG B4 and Schedule 112A empty.

hello all,

Please visit www.incometaxindiaefiling.gov.in website and check the latest news.

As per this news, Schedule 112A is not mandatory and assessee can enter directly amounts in sr. no B4 .

Thanks

Our Prayers have been heard!

Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback. Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the correct values are populated in the CG Schedule or enter the self-calculated aggregate value of long term capital gains directly under respective items in schedule CG in terms with Sec 112A or 115AD(1)(iii) without entering scrip wise details. Taxpayers may exercise either option based on their convenience. This facility is now available in ITR-2, 3, 5 & 6 utilities 

The sheet attached in ITR2 112A is not in line with computation as per the provision of Law. The cost of acquistion has to be the actual cost of purchase or lower of the sales value or Fair Market value as at 31.3.2018, which ever is higher. In the cases where actual cost of acquistion is higher than fair market Value or sale price, it does not accept actual cost of realisation but pick up the lowest of Fair Market price or sales price without comaapring with ctual cost of aquistion. In such cases if sale proceeds happen to be higher than Faair value, it generates profit which doest not exist as actual cost of acquistion is higher.

Also it does not accept the folio number. Not sure if 112A sheet is mandatory to fill?