pinaki das (trader) (36 Points)
04 April 2013I am a stock trader. My only source of income is from stock market. For example my income from stock market (short term capital gain) from April 2013 to March 2014 is Rs.4,00,000. Within what date I have to pay tax? Will it be self assessed tax? What form type/return(ITR- 1 or 2) I have to file with income tax authority? Within what date I have to file my return?
CA jatin k Gohil
(CA Practice)
(95 Points)
Replied 04 April 2013
1) in this case late date of return filing is 31st July .
2) Yes, Self Assessment Tax (Form 280).
3) Form ITR 4.
4) Yes, You have to file with income tax authority .
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 April 2013
Big advantage if filed before due date - 31st July.
Pay self-assessment tax in time before filing returns.
Khushbu Jaiswal
(CA Finalist)
(528 Points)
Replied 04 April 2013
You have to pay tax before filling your Tax Return i.e.30th July and yes it will be self assessment tax.
In case you are considering your income as business income then file ITR-4 and pay tax @ 10% (considering your income tax slab for basic exemption).
In case you are considering it as short term capital gain then u may file ITR-2 and pay tax @ 15% (if STT paid on these transactions).
The due date for filling your return is 30th July.
In case your tax liability is comming more than Rs. 10000/- than u have to pay advance tax.
CAclubindia
