Consolidated Mutual Fund Statements track all financial transactions across mutual funds or demat accounts, helping in efficient ITR filing.
As ITR forms FY 23-24 have been released, and the deadline for availing deductions is nearing, it is important to know how to use the Consolidated Account Statement (CAS) to report mutual fund gains. Investors who only invest in mutual funds and not directly in stocks typically call it Consolidated Mutual Fund Statement.
A Consolidated Account Statement (CAS) serves as a comprehensive record of all financial transactions by an investor across various mutual funds in any month.
It contains purchases, redemptions, switches, SIPs, STPs, SWPs, dividend payouts, or reinvestment of dividends across different funds. It also captures opening and closing balances of portfolios linked to a PAN.
Moreover, other than mutual funds, CAS also contains transactions in other securities held in Demat mode, making it a consolidated statement of a stock market investor.
During Income Tax Return (ITR) filing, CAS can serve as a vital tool for claiming deductions or reporting income. Tax-saving investments such as ELSS for substantiating claims when filing ITR, and also as expenditure proofs need Mutual Fund Consolidated Account Statements as supporting documents. However, deductions are only applicable under the old tax regime for ITR filing.
Income Tax Return (ITR) Forms 2 for the Assessment Year (AY) 2024-25 is now available online and taxpayers must disclose their gains from mutual funds to the I-T Department via these forms. Return can be filed in ITR 3 by the taxpayer if he has income from business or profession. The deadline for filing these ITRs is set for July 31, 2024.
Taxpayers can report capital gains from mutual funds as follows:
Select 'General' on the first page of the ITR form and proceed to 'Income Schedule' on the next page.
Choose 'Schedule capital gains' and mention the type of capital asset redeemed from the drop-down menu. Mention if it is short-term or long-term capital gains.
For short-term gains, click on 'add details' and mention the total amount from the sale of assets and acquisition cost. For long-term gains, provide details of each scrip separately in schedule 112A.
Now you can proceed to 'Preview return' for final confirmation.
Investors can easily get their CAS online through platforms such as KFintech, MF Central, or CAMS. The process is similar even if you choose any of these alternatives and for illustration purposes process of CAMS is shown here. CAMS is Registrar & Transfer Agents (R & T agents). R & T agents maintain mutual fund status records on behalf of the mutual fund house, through offices across the country.
Visit www.camsonline.com and select 'Investor Services' from the menu bar.
Click 'Mailback Services' from the menu on the left.
Opt for Consolidated Account Statement by clicking on '(CAMS+KFin Technologies Limited+FTAMIL+SBFS)'.
Provide details of the registered email and the password which has now been sent to you by CAMS. Specify the period for which you want to know holdings. Click on 'Submit'. On your registered email ID, you will receive CAS.