Two Options for Tax payers – Either enter the scrip wise details of long term capital gains or aggregate value

After numerous tax payers discovered cumbersomeĀ to give all data in case of Capital Gains, Income Tax Department has additionally explained following:

Schedule 112A and 115AD(1)(iii) of long term capital gain are given in the Income Tax Return software according to the Instructions to the Notified ITR form and based on tax payer feedback.Taxpayers have a choice to either enter the Scrip wise detailsĀ of long term capital gains in Schedule 112A and 115AD(1)(iii) so the right values are populated in the CG Schedule or enter self determined total estimation of long term capital gains directly under particular things in schedule CG in terms with Sec 112A or 115AD(1)(iii) without entering scripwise details. Tax payers may practice either option based on their convenience.

It would be interesting to perceive how software organizations and CAs will managed the ongoing change wherein both options are given.

Contact Certicom Consulting for more information.