ITR-2 Sch A L individual

ITR 195 views 2 replies

In Sch  A L  FY 2022-23

1.SB a/c Balance as of 31 March 2023 to be disclose. What about Principal on Fixed Deposits, does all FD that exist dated up to 31 March 2023 only or all up to the filing of the return.

2. Shares, Bonds, MF at cost. Is it the initial purchase cost or the cost at 31 March 2023.

3. Immovable Prop.; 50 years old Leasehold prop. Building was constructed in 2 stages. How to ascertain the initial cost, could 2021 circle rate be accepted to report? 

Appreciate clarification on the above queries.

Thank you. 

Replies (2)

It seems like you are asking about specific reporting requirements for the Indian Income Tax Return (ITR) for the assessment year 2023-2024 (financial year 2022-2023). Please note that I am an AI language model and not a tax professional, and tax laws and regulations can vary over time and across jurisdictions. It's important to consult with a qualified tax advisor or refer to the official guidelines from the relevant tax authority for accurate and up-to-date information.

However, based on the information available up to my last update in September 2021, I can provide some general guidance:

  1. SB (Savings Bank) Account Balance: The balance in your Savings Bank account as of 31st March 2023 should be disclosed in the Sch A L (Schedule of 'Income from Other Sources') of your income tax return for the assessment year 2023-2024.

  2. Fixed Deposits (FDs): You would typically need to report all fixed deposits that exist up to the filing of the return, not just those dated up to 31st March 2023. You may have to disclose the principal amount and interest earned on these FDs as per the relevant schedule in your income tax return.

  3. Shares, Bonds, Mutual Funds (MF): The cost of shares, bonds, and mutual funds to be disclosed in the income tax return is usually the initial purchase cost (acquisition cost) and not the cost at 31st March 2023. The gain or loss on these investments may be computed based on the difference between the initial purchase cost and the selling price, if applicable.

    For further more detailed information on this topic visit: What is the ITR 3 and How Can You File it?

    To read more such trending content, visit Swipe Blogs.

Thank you so much for the clarification.


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