Which ITR to be used for AY 2020-21?

Q & A Forum › Category: Tax Planning › Which ITR to be used for AY 2020-21?

shanmukh asked 6 years ago

hi...sreekanth sir...Kudos to your good work... I have income from salary (5.6lakhs) and Short term capital gains from stocks and LONG term capital losses from stocks/MF. Which ITR I need to file..?

2 Answers

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Sreekanth Staff answered 6 years ago

Hi, You can file ITR-2 form. Related article : AY 2020-21 Income Tax Return Filing Tips | Which ITR Form should you file?

shanmukh replied 6 years ago

tq.. What to enter under 112A in ITR 2 ?

can you guide how to file under 112A.?
I have SIP and withdrawn due and it has long term capital loss..
We need to show each and every entry in 112A for MF SIP?
like buying on 21/07/18 30 units gains 100 and 22/07/18 28 units loss -150…

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Sreekanth Staff answered 6 years ago

Hi, As per the clarification by the IT Dept, there is no need to show the Capital gains/losses of every transaction. Can show the aggregate gain/loss.

shanmukh replied 6 years ago

Thanks for the answer…as there is new field 112A is added to itr 2 and it’s asking each and every share/unit…
We need to show the ppf interest earned?..if so under which head we need to show in ITR…?

shanmukh replied 6 years ago

i have switched regular funds to direct funds in that one has ltcg of 15000 and others have a loss of -5000 and stocks LTCG loss of -6000. So my effective capital gain is +4000 …right?..As the amount is less than 1 lakh is it necessary to show in the returns…

Sreekanth Staff replied 6 years ago

Yes, you need to disclose it in ITR..