You are here: Home » PF » News » Tax
;
Business Standard

Investors must prepare tax-filing checklist early to avoid hiccups

With the task turning more complex, procrastinating will compound your problems

Topics
income tax returns

Mumbai 

Avail I-T declaration window or face consequences, PM warns tax assessees

Filing of income-tax returns (ITRs) just turned more time-consuming and complex for people who engage in frequent share transactions. If you sold shares during the last financial year, then you have to fill up a number of details (name of share, sale price per unit, full value of consideration, etc) for Assessment Year 2020-21.

This rule applies only to listed shares or units held for more than 12 months — that is to long-term capital gains or losses. Says Gopal Bohra, partner, N.A. Shah Associates: “This rule does not apply to securities held for less than 12 months.”

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 23 2020. 16:13 IST
RECOMMENDED FOR YOU