GETTING STIPEND INVEST IN SHARE WHICH FORM WILL USE FOR INCOME TAX RETURN

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sr asst
208 Points Posted on 16 June 2023

My son who is doing his postgraduation in medicine from central institution and getting stipend and his institution deduct TDS as the amount of stipend is taxable. He has one Dmat account through which he invest in shares ( mainly invest money but do not do day trading). My question is whether he will choose ITR 1 for submission. Please respond me as I have to submit his return within 31st July 2023.

Hoping your kind assistance. 

Thanks

T K Ghosh

Kolkata 

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On 16 June 2023 at 20:43 Report
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Quick Summary
This discussion clarifies which Income Tax Return (ITR) form to use when receiving a stipend and investing in shares. If the stipend is taxed and TDS is deducted under section 192, it's considered salary income, making ITR-2 the appropriate form. If there were any share sales, ITR-3 might be necessary. Filing the wrong form could lead to notices from the tax authorities.

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SEO Sai Gr. Hosp.
121407 Points Posted on 16 June 2023

If there is no sell transaction of any shares from his demat account, then yes you can file ITR 1.

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On 16 June 2023 at 20:52
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sr asst
208 Points Posted on 16 June 2023

There is one sell in this financial year. 

However thanks for the information. 

 

T K Ghosh 

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On 16 June 2023 at 22:45
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Student
107 Points Posted on 17 June 2023
Then file ITR- 2
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On 17 June 2023 at 10:14
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sr asst
208 Points Posted on 17 June 2023

Thanks for the response. I have another question if I choose wrong form does it gets notice from Income Tax authority?

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On 17 June 2023 at 11:12
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Student
107 Points Posted on 17 June 2023
Under which section TDS deducted 192 or 194j
if 194j then file ITR-3 as Business or professional income
and if 192 then Salary income in ITR -2
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On 17 June 2023 at 11:32
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sr asst
208 Points Posted on 17 June 2023

TDS is deducted under section 192 as it is salary income. 

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On 17 June 2023 at 11:41

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