Short Term Capital Gain Query

POSTED BY Vivek U ON June 24, 2013 8:30 pm COMMENTS (3)

Hi Experts,


I have been filing IT return(ITR-1) by myself from last 3 years. My income was from salary and interest from FDs.

But for AY 2013-14, I have made some short term capital gain by selling of shares.

My Question is,

1. I should file ITR2 right ?

2. Also for last 3 years , i always had a refund from IT dept but this time I need to pay STCG tax. How is the same paid ?

Thanks in advance.




3 replies on this article “Short Term Capital Gain Query”

  1. Vivek U says:

    Thanks Ashal and bemoneyaware for such a detailed explanation.Links provided helped a lot.

  2. bemoneyaware says:

    Short term capital gain is Added to income and taxed as per tax slab.
    ITR2 is to be filed by Individuals and HUFs not having Income from Business or Profession so you qualify for it.
    Income tax assessment comprises of following stages (discussed in detail in our articles Income Tax for Beginner and Income Tax for Beginner-II

    Computation of total income.
    Deducting valid deductions.
    Determination of the tax payable thereon.
    Paying the tax (if any).
    Filling Income Tax Return Form.

    If you need to pay tax, then it would be called as Self Assessment Tax and would be paid using CHallan 280 (as you rightly said)
    For individual Select 0021 : INCOME-TAX (OTHER THAN COMPANIES)
    Type of payment : 300 for SELF ASSESSMENT TAX,

    On the payment page, you need to break up the tax payable into its components, i.e. “Income Tax” and “Education Cess” etc. There is no Surcharge for FY 2012-13 and education cess is 3%.
    For Self Assessment Tax: One needs to pay education cess and also penalties calculated under Sections 234A/B/C and entered separately in “Interest” field. For example: So if total tax payable Rs. 10,000, the Income Tax component is (10,000 / 1.03) i.e. Rs. 9,709, and Education Cess is Rs. 291 (3% of Rs. 9709).
    Details in our article Paying Income Tax : Challan 280

  3. Dear Vivek, the applicable form to you is ITR-2. To pay Tax, please use your netbanking account or the official site of tax payment.



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