If you have capital gains and dividends to report to the taxman, correct this auto-fill while filing ITR!
About the author: Manmohan Sethumadhavan is a freelancer, investor, and personal finance enthusiast “in search of the absolute truth.” You can follow Manu on Twitter @ManuTsr. Also, read his article: How to calculate LTCG with Grandfathering for equity shares that split – How to fill Schedule 112A.
The ITR utility has a facility to enter the quarterly breakup of the accrual of capital gains and dividends.
In previous years, we will be reminded to fill this breakup. This year’s capital gains or dividends will be auto-filled in the first quarter.
If we do not correct this and add the correct quarterly break-up, your interest u/s 234C will be higher. So you may have to pay more interest if you do not correct this.
And more importantly, you have to do this every time you start from a saved draft return. This means this breakup will not be saved in the draft.
Other changes in the ITR process:
- The new tax regime is the default choice.
- You have no choice of bank account for a refund. All active bank accounts have to be linked. Refunds will be credited to any one of them.
Author’s Suggestion: Use Excel utility whenever possible, especially for complex returns.
- Though the UX is bad, you save what you see.
- You can import JSON into the Excel utility, which saves re-typing the entire data if the return is revised.