Monday, May 20, 2024

Indian income tax e-filing - validation failed

When filling up the ITR2 income tax return, one of the "validation failed" messages said:

In Schedule CG, Sl. No. B4a LTCG u/s 112A is not equal to total of Col. 14 of Schedule 112A

This is probably because of rounding errors, I think. The numbers in the quarter-wise table in Schedule CG (Capital Gains) must add up to the numbers in Schedule 112A. So we should manually add and check, and make small one rupee adjustments to make the quarterly numbers add up to the total in Schedule 112A.

Another couple of points to note when there are "brought-forward losses" -
(1) in that case, the maximum amount of the BFL has to be applied - we can't apply a lower amount of the total losses to cover only part of the profits of this financial year
(2) and the numbers in the quarterly numbers should then add up to zero (if the losses completely cover the profits.)

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