Recently, some new amendments in income tax return e-Form 2 and 5 have been proposed by the income tax department.
According to the latest notice published on the e-filing website, the utilities of ITR (income tax return ) 2 form and ITR-5 form has been changed in order to fix the bugs identified during filing of scheduled FA in ITR-2 (Java-based utility), partners information in ITR-5, and Part-A of ITR-5 (excel utility), which is related to the general answer to Investment Fund query.
As per the notice, “These bug fixes have 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 the previous version in case of excel utility.”
Apparently, these new changes are follow-up ones after the other changes that were made in the last two months. On July 19, the tax department has also circulated a notice on the internet in order to clarify that a new schedule introduced for transaction wise details of long-term capital gains from equity mutual funds is not compulsory and can be termed as an optional practice.
The notice flashed on the internet dated July 19 unfold: “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.”
For those taxpayers whose accounts are not required to be audited can file their income tax returns latest by August 31.
