Your Taxes

It looks like the IT department is revising Form ITR-2 capital gains schedule to enable reporting of multiple equity/MF transactions (grandfathering). And that one may wait to file returns till the new ITR-2 comes out. Is this right? Please advice.

Rajesh A

I understand that you are referring to the recent announcement (on June 14, 2019; currently, reflected on their homepage https://www.incometaxindiaefiling.gov.in/home by the Income Tax Department in respect of reporting of long-term capital gains (LTCG) arising on sale of equity shares or unit of equity-oriented fund on which STT is paid.

As per this update, the assessee would be required to prepare separate computation of capital gains for each scrip or unit of mutual fund sold during the year, and the aggregate amount should be provided in the ITR form while reporting the income. The utilities have also been updated accordingly.

However, there has been no communication from the I-T authorities regarding revision of Form ITR-2 to enable reporting of multiple transactions of sale of equity shares or units of mutual funds.

The writer is a practising chartered accountant. Send your queries to taxtalk@thehindu.co.in

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