The Income Tax Department has taken lot of time this time to make changes in utilities. There are several Bugs and Errors.
As per a notice on the e-filing website, ITR utilities have been modified to fix bugs. Income Tax Department has highlighted that there was Bug (Error in Code) in ITR-2 & ITR-5 in following Schedules:
- Schedule FA in ITR-2
- Partners information is ITR-5
- Part A-General answer to Investment Fund query in ITR-5
The IT department has issued a notice by giving clarification now that the Bug has been removed. And further those ITR which are already filed will not be affected.
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”.
And 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.
Also, with regard to the problems faced by the taxpayers for filing the details of the Long term capital gains, the tax department has also circulated a notice to clarify that a new schedule introduced for transaction wise details of long-term capital gains from equity mutual funds is optional as per the convenience of the taxpayers.
As per notice schedule 112A and 115AD(1)(iii) of the long term capital gain was provided in the ITR software, where the taxpayer has the option either to fill Scrip wise details of long term capital gains, so that the correct values are populated in CG schedule or enter the self-calculated aggregate value of long term capital gains directly under respective items in schedule CG without entering scrip wise detail.