Dhirajlal Rambhia (KVO Merau Kutchh) 17 July 2019
|Originally posted by : Kumar|
|Excellent. That sounds like a good idea. But won't that understate profits? I'm thinking now, if I could just use the face value instead....|
No. Because of grandfathering it will not be affected.
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J S BHAVSAR (CONSULTING) 17 July 2019
|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?
rishabhsharma (Article Assistant) 17 July 2019
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.
J S BHAVSAR (CONSULTING) 17 July 2019
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.
rishabhsharma (Article Assistant) 19 July 2019
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 .
Madhavi Pandit 20 July 2019
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
CA.RakeshKumar (ExecutiveDirectorCompensationManagement) 20 July 2019
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?