Every year the Income Tax Department releases IT utilities based on Income Tax Forms for the assessment year.
During the Income Tax filing season, the ITD continuously updates these utilities to ease and improve the compliances.
Here are the major changes in the Income Tax utilities for FY 2019-20 (AY 2020-21).
- Mandatory to report trade-wise data for LTCG under Schedule 112A
- Not mandatory to report scrip-wise data for Short Term Capital Gains, Intraday, and F&O trades.
- In case ISIN is not available, the taxpayer can use ISIN as INNOTAVAILAB
Update - 4th November 2020
4. If you have realized LTCG on shares purchased after 31st Jan 2018, in that case - you can report LTCG at the aggregate level, instead of trade level data.
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