Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021
Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019)
W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which STT has been paid is taxable @10%.
Now we will check the details which were required in Assessment year 2019-20 for entering the details for Above mentioned Transactions, earlier we have to make our own computation and enter consolidated details in respective fields in Schedule CG.
Detailed transaction in Schedule 112A or Schedule 115AD(1)(b)(iii ) proviso were optional in Assessment year 2019-20.
In the current Assessment Year 2020-21, requirement related to above mentioned transactions has been changed significantly.
Now we have to enter each Shares detail in Schedule 112A or Schedule 115AD(1)(b)(iii ) proviso and from their these details will come Automatically in Schedule CG (Long Term Capital Gain) Point no. 5 or 8.