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ITR filing: Income tax return forms 2 and 5 updated again

ITR filing: Income tax return forms 2 and 5 updated again

The income tax department has made further changes in the electronic forms for income tax returns 2 and 5.

As per a notice on the e-filing website, ITR-2 & ITR-5 utilities have been modified to fix bugs that were identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and Part A-General answer to Investment Fund query in ITR-5 (Excel utility).

The notice further says: “These bug fixes has no impact on XML schema which remains same and for those taxpayers where these schedules are not relevant. For those taxpayers who are entering data in these schedules, it is requested that they may download the latest version and regenerate the return XML by importing the already generated XML in Java Utility or import from previous version in case of excel utility “

These changes follow several others done over the last month or so. The department issued a notice on July 19 clarifying that a new schedule introduced for transaction wise details of long term capital gains on equity and equity mutual funds was optional.

The notice put up on July 19 states: “Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback. Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the correct values are populated in the CG Schedule or enter the self-calculated aggregate value of long term capital gains directly under respective items in schedule CG in terms with Sec 112A or 115AD(1)(iii) without entering scrip wise details. Taxpayers may exercise either option based on their convenience. This facility is now available in ITR-2, 3, 5 & 6 utilities “

The due date for filing income tax returns for individuals who don’t have to mandatorily get their accounts audited is July 31. However, there have been requests from taxpayers and tax practioner associations for extension of this date.

Source:-economictimes

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