Want some assist deciphering AIS columns for Fairness Sale part, display shot connected
Questions:
taxable revenue = “gross sales consideration” – “value of acquisition” ? or give me the fitting formulae
What’s “Unit FMV” column crammed for some and empty for others?
What’s using column “Truthful Market Worth”
Why is their no STT column for fairness however not for mutual funds?
Is there any the place IT division has defined these columns and their usecases
Thanks,
Not an knowledgeable on tax submitting however will reply a few of the questions primarily based on my understanding.
pyarlath:
Is there any the place IT division has defined these columns and their usecases
Lot of those phrases are instantly associated to particulars wanted in ITR2 particularly when filling out LTCG / STCG schedules.Undecided about IT dept, however there are lot of explainer out on net. SHaring considered one of them
Step-by-step information to enter MF and share capital features in ITR2 (or ITR3) (freefincal.com)
pyarlath:
What’s “Unit FMV” column crammed for some and empty for others?
What’s using column “Truthful Market Worth”
This pertains to grandfathering of LTCG earlier than thirty first Jan 2018. There isn’t a tax for Long run capital features made earlier than thirty first Jan 2018, so realizing FMV on that date is imp for submitting your returns. Your features and taxable revenue modifications primarily based on that.
Additionally, if shares had been purchased after that date, FMV has no significance, and therefore for such shares it might not be crammed.
pyarlath:
taxable revenue = “gross sales consideration” – “value of acquisition” ? or give me the fitting formulae
Basically proper, but it surely varies relying on what sort of capital features you have got. There are too many variations to have single formulaeI imply whether it is non-equity, you may have the ability to index the price. For fairness, earlier than 2018, you should use truthful worth. Additionally you possibly can deduct Expenditure incurred.
Take a look at article I shared, it would give some concept.