How to Show Mutual Fund Investment in ITR?

Mutual Funds
1

Please tell me how can I show my mutual fund investment in ITR properly?

2

Filing taxes always feels tricky, but once I figured out how to report my mutual fund investments, it became a lot easier. If you think the same, let me show you how to handle it.

When I file my return, I make sure to follow these steps carefully so nothing gets missed:

  • Step 1: I log in to the Income Tax Department’s portal and choose File Income Tax Return.
  • Step 2: I select the right form, my filing status, and the relevant assessment year.
  • Step 3: Then I choose ‘General’ and go to Income Schedule and open ‘Schedule Capital Gains.’ From the dropdown, pick the type of asset I redeemed.
  • Step 4: For short-term capital gains, enter the sale amount and purchase cost. For long-term capital gains, enter each transaction separately under Schedule 112A.
  • Step 5: I review all schedules, then move to Part B TT1 and hit ‘Preview Return.’
  • Step 6: I fill in the remaining details, then click Proceed to Validation. After validation, I verify my ITR. The deadline for verification is 120 days.

Following this process helps me report my mutual fund investments correctly. One thing I’ve learnt is that keeping proper records saves me from a lot of stress.