All items should be filled in capital letters. Please strike out whichever is not applicable. Net income as appearing in your profit and loss or income and expenditure account is to be adjusted by disallowable expenses, admissible claims not charged to accounts, deemed income, etc. Attach separate annexure showing the computation of income from business or profession. Please show only net amount of capital gains against item no. 16.
Capital gains are to be shown separately for short term and long term.
For shares, units, etc., the period of holding for long term is 12 months. Only net income from other sources as interest, income from units, etc. should be shown against this item. However, details of such income or expenses incidental thereto should be given in a separate annexure. Total amount of deductions claimed should be shown section-wise against this item. Detailed computation of deduction, if required , may be given in a separate annexure.