You all must have heard about the infamous Section 112A and the excruciating amount of details traders need to provide during trade-wise reporting. So, while filing for capital gains with ITR 2 and ITR 3, you have to provide the following details of share sold during FY 2019-20:
1. ISIN (aka International Securities Identification Number)
2. Name of the share/unit
3. Number of shares
4. Sales-price per share/Unit
5. Cost of Acquisition
6. FMV as on 31/01/2018
7. Expenditure related to transfer
Out of all the above details, ISIN was most difficult to procure as brokerages and investment platforms wouldn’t provide their customers with the same. Yes, it was such a hassle that traders were pulling their hair out.
Now, there might be a chance that the Income Tax Department heard the cries. It came up with a major relief a few days ago – you no longer need to lookup for ISIN. Instead, the trader can use an ‘INNOTAVAILAB’ as ISIN. This can be used in place of the older/original ISIN! This will greatly reduce the stress in trade-wise reporting. Taxpayers now have to worry about one less detail in cases where the data is huge and time is less.