My withdrawal

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194 Points Posted on 20 November 2021
Mr. A invest in Mitual Fund since 2009 he withdraw Rs 2500000 on 25th March, 2021.

How to show tax calculation?
Last year he has filled ITR 4 as he is self employed person & showing his income under 44Ad.
In current A. Y. 2021-22 which ITR he need to file?
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On 20 November 2021 at 17:51 Report
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Quick Summary
This discussion addresses the tax implications of a significant mutual fund withdrawal made in March 2021. The user, previously filing ITR 4 under presumptive income, needs guidance on the correct Income Tax Return (ITR) form for the current assessment year. The advice provided suggests filing ITR 3 and specifically details how to declare long-term capital gains (LTCG) from equity mutual funds under Schedule 112A and other capital gains in Schedule CG. There's a query regarding the 20% flat rate for LTCG, implying it might not be an equity-based investment.

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SEO Sai Gr. Hosp.
212572 Points Posted on 20 November 2021

File ITR 3.

Declare the LT capital gain of Equity MF under 'Schedule 112A'.

For othe CG LT/ST, Fill 'Schedule CG'

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On 20 November 2021 at 19:10
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194 Points Posted on 20 November 2021
Thanks. Let me know LTCG at flat rate @ 20% on 2500000
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On 20 November 2021 at 20:04
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Chartered Accountant
24588 Points Posted on 21 November 2021
ITR 3 under Capital gains
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On 21 November 2021 at 05:46
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SEO Sai Gr. Hosp.
212572 Points Posted on 21 November 2021

Why 20 @ flat rate?

Is it non-equity based investment?

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On 21 November 2021 at 10:59
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194 Points Posted on 22 November 2021
Thank you very much.
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On 22 November 2021 at 22:43

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