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Problem in filing ITR 2

Kannan Iyyengar (23 Points)

27 July 2021  

During the Financial Year 2020-21 (AY 2021-22), I sold some of the Units of the Mutual Fund; I sold some of them for profit, and some others at loss.  Some of them were acquired before 01.02.2018 and some others, after this date.

 I duly filled up Schedule 112A with transaction wise figures of loss and gains. 

Schedule E : “Set-off of current year capital losses with current year capital gains” auto-populated the Net gain figure of Schedule 112A, and showed it under Column E9vi; it does not show the loss figure and gain figures separately. 

Now my problem is in Schedule F : “Information about accrual / receipt of Capital Gains”.  In this Schedule, I am required to provide quarter wise break up of capital gains earned. In my case, it was capital loss in one of the quarters.  When I tried to enter the loss figure with a minus sign, the Schedule does not recognize the minus sign (minus sign does not appear at all even though it is pressed); it rather treats the minus sign (loss) as plus (gain).  So the sum total of all the four quarters does not tally with the Net Capital Gains figure filled up in Schedule 112A. Hence when I validate the Return, it gives error message.

Will any of the esteemed Members guide me as to how to solve this problem ?

Regards.

S. Kannan

M. No: 021347


 28 Replies

Samantha J (732 Points)
Replied 30 July 2021

Are you able to enter value in sch F? It's automatically populated! The errors are in software

Kannan Iyyengar (23 Points)
Replied 31 July 2021

I am attaching herewith the Screenshot of Schedule F wherein I am able to enter figures - but not minus (loss) figures.  Even if the minus key is pressed, the minus sign does not appear.  The System treats the minus (loss) figure as plus (gain) figure, and further adds to the value.  This results in incorrect income and the Return is not validated.

Hope I am clear.

Regards.

Kannan Sampath Iyyengar

 


Attached File : 2861440 20210731121600 schedule f pdf.pdf downloaded: 62 times

Samantha J (732 Points)
Replied 31 July 2021

Copy net figure from sch BFLA manually

Kannan Iyyengar (23 Points)
Replied 31 July 2021

Schedule BFLA deals with net gain (final figure) only, whereas Schedule F (Information about accrual / receipt of Capital gains) is about providing quarter wise breaks-up of Capital gain; it does not ask for final figure for the year.

As suggested by you, I tried to copy the minus (loss) figure from Schedule 112A and paste it in Schedule F, but it does not paste.

Regards.

Kannan Sampath Iyyengar

jagdish chhugani (engineer) (125 Points)
Replied 11 August 2021

profit and loss s automatically generated when you enter the Buy and sell figure why you to enter minus sign.

Kannan Iyyengar (23 Points)
Replied 13 August 2021

True.  Schedule 112A automatically calculates the loss and gain figures based on my inputs.

But my problem, as mentioned earlier, is in Schedule F : “Information about accrual / receipt of Capital Gains”. 

In this Schedule, I am manually required to provide quarter wise breaks-up of capital gains / losses earned.

In my case, it was capital loss in one of the quarters.  When I tried to enter the loss figure with a minus sign, the Schedule does not recognize the minus sign (in fact, the minus sign does not appear at all even though the minus key is pressed); the System rather treats the minus (loss) as plus (gain).  So the sum total of all the four quarters does not tally with the Net Capital Gains figure filled up in Schedule 112A. Hence when I validate the Return, it gives error message.

I am attaching herewith Screenshot of Schedule F.

Regards.

S. Kannan

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=578271


Attached File : 2861440 20210813205029 schedule f pdf.pdf downloaded: 20 times

Samantha J (732 Points)
Replied 13 August 2021

Type loss figure in brackets rather than using -ve sign after downloading the latest prefilled json file!

Kannan Iyyengar (23 Points)
Replied 13 August 2021

Thanks for your suggestion.

I downloaded the latest JSON prefilled ITD e-filing, but it does not accept the bracket signs too.

Regards.

S. Kannan

 

 

 

J S BHAVSAR (CONSULTING) (1249 Points)
Replied 13 August 2021

Screenshot shows desktop utility of ITR4 was tried out. Please try the Online Mode and try entering the loss.

Samantha J (732 Points)
Replied 14 August 2021

This is Infosis at it's best!
This alternative will definitely work.
In case the loss is in Q1,Q2 or Q3 reduce the loss from SUBSEQUENT quarter and enter the reduced value in SUBSEQUENT quarter!
In case the loss is in Q4 , in upto 16/3 ,the fourth quarter reduce the loss from 16/3 to 31/3 and enter reduced value in the 16/3 to 31/3. In case the loss is in 16/3 to 31/3 quarter reduce the value from upto 16/3 and enter the reduced value in upto 16/3.
This is because in common parlance a year has FOUR QUARTER s but IT department has FIVE Quarter in a year.
In short reduce the loss from SUBSEQUENT quarter except in case the loss is in FIFTH quarter when I will reduce from the "fourth quarter " and enter reduced value in "fourth quarter"!
This WILL Definitely work!

Kannan Iyyengar (23 Points)
Replied 18 August 2021

To

Shri J.S. Bhavsar

I tried online mode too, Sir.  It does not accept negative sign or brackets.  It only accepts figures and treats them as plus.

 

To

Shri Samantha

The suggestion which you have given is already in my mind.  I shall try it as last resort after exhausting all other possibilities.

Thanks for all of your suggestions, the time given by you and the pain taken.

Regards.

S.Kannan

 

 

Kannan Iyyengar (23 Points)
Replied 21 August 2021

I tried online mode too, Sir.  It does not accept negative sign or brackets.  It only accepts figures and treats them as plus.

 

Kannan Iyyengar (23 Points)
Replied 21 August 2021

The suggestion which you have given is already in my mind.  I shall try it as last resort after exhausting all other possibilities. Thanks for all of your suggestions, the time given by you and the pain taken.

 

M. Sreehari (Retired Professor) (47 Points)
Replied 22 August 2021

The solution to adjust capital loss of one quarter /period against capital gain of another quarter /period is workable. But what can one do if there is overall capital loss ? This is surely  an error in the software.


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