Precautions while preparing Income Tax Return (ITR)

– Taxpayer has to first fill ‘Part A General’ (Personal Information) correctly. Rest of the utility will function based on information provided in Part A General. For example, the field 80 TTB will be enabled only for Senior citizens based on the Date of birth and Residential status as per Part A General.

– All relevant schedules to be filled for proper calculation and auto population of relevant fields. For example, if you have donations paid details u/s 80G then 80G schedule to be filled first so that the final value from that schedule will flow to respective field in Chapter VI-A.

FAQs on Filing / Preparation of of Income Tax Return (ITR)

Q1. I do not have Tax Identification Number (TIN). But return is expecting to provide the same.

You may provide your Passport Number of the country in which you are a citizen/Resident in place of TIN.

Q2. Am I required to provide property-wise computation of Capital Gains received from sale of immovable property?

Yes

Q3. Am I required to provide scrip-wise computation of Long term Capital Gains received from sale of Shares/Mutual Funds units for which STT has been paid?

For the convenience of taxpayer, a tool by way of Schedule 112A and 115AD are provided in the ITRs. Taxpayer can fill the same so that final values will flow to the respective items in schedule CG under long term capital gains. However providing the information using the tool is not mandatory. The taxpayers can compute the aggregate gain/loss manually and input the values directly in the respective items in schedule CG under long term capital gains

Q4. In tool (Schedule 112A and Schedule 115AD) it is seeking ISIN. What should I do?

Using of the tool schedule 112A or 115AD to compute capital gains long term capital securities transactions is optional. In case you want to use the tool, the ISIN number of scrips can be obtained from https://www.nsdl.co.in/list-codes.php

Q5. I am a non-resident and has shares/mutual fund units transactions. Which item of Schedule CG is required to be filled?

All resident and non-resident taxpayers who have income chargeable under long term capital gain covered u/s 112A will have to fill item B4 in ITR-2 and item B5 in ITR-3,5,6. The data captured here will flow to ‘Schedule SI’ u/s 112A. In case of ‘Foreign Institutional Investors’ taxpayer has income chargeable under long term capital gain then, they have to fill u/s 115AD(1)(iii) under item B7 in ITR-2 and item B8 in ITR-3,5,6.

Q6. In Schedule CG ‘LTCG the threshold limit as per section 112A (4c – Rs. 1 lakh)’ is not reflecting and is greyed out?

As per the provisions of Income Tax Act, 1961 the exemption of Rs.1,00,000 should be provided while calculating Tax and not for the purpose of computing Income. Therefore for complying with the law, in the Utility the exemption field of Rs.1,00,000 provided in Schedule CG has been greyed-off and benefit of 1 lakh is considered in schedule SI to calculate the tax payable on such capital gains exceeding the threshold limit.

Q7. I am getting family pension and tax is deducted at source under section 192. On account of this, the income details are auto-populated in salary schedule. What should I do?

Since family pension is taxable under ‘income from other sources’, you may edit the prepopulated value in the salary schedule and capture the pension details in the ‘schedule OS’.

Q8. I am getting error message “Unclaimed TDS brought forward and details of TDS of current FY should be provided in different rows in Sch TDS 2” (Applicable for ITR 2,3,5,6 and 7). What should I do?

  • In Schedule TDS-2, the field “Financial Year in which TDS is deducted (Column 5)” is applicable only for those who are bringing forward the unclaimed TDS of the earlier years.
  • In the field ‘TDS of the current Financial Year (Column 7)’ taxpayer needs to provide only TDS details pertaining to current financial year.
  • The Details of TDS brought forward and TDS of current financial year should be provided in separate rows to claim TDS.

Q9. I have unclaimed TDS credit of earlier years but do not want to claim credit during current AY. Do I require to furnish the details of all those unclaimed TDS in current AY?

Yes.

Q10. In the utility, I am unable to claim the whole donation amount given in cash

As per section 80G, the benefit of deduction on donation paid in cash is restricted to Rs. 2000.

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3 Comments

  1. Sunil says:

    I sold old house in July 2018 and CG as per valuation is 50 Lacs (Sales Value – Indexed Cost).
    I own a flat jointly in name of my wife since 2005.
    I purchased a plot from above amount for 40 Lacs in September 2018
    AND deposited Unutilized 12 Lacs in July 2019
    SBI Capital Gain Account. in (as the pending construction work by contractor not starting). Now the ITR-3 has to filed because I have income from Training & Coaching Profession also. I have to claim exemptions under Sec54 for plot purchase and 54F for SBI-CG A/C
    Is there any fault at my side or I can claim.

    Thanks in advance. & Regards,

  2. Rahul Jasani says:

    One of my ex employer deducted TDS from my salary but didn’t deposited to the cbdt. Not being reflected in 26 A. Salary was deposited in the bank. How to file ITR?

  3. medhavati says:

    my sister got some amt after the death of my aunt.she made fd. now the bank deduct tds on that amt.last year also bank deducted .can we claim the last year amt.as well as this amt.of tds.which ITR should we file.

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