I opened a trading account last year (2024) and my approximate short term capital gains / losses for each quarter were the following:
Q1 Gain of Rs 30,000 (taxable at 15%)
Q2 Gain of Rs. 20,000 (taxable at 20% since the sales happened after 23-July), and
Q3 Loss of Rs. 20,000
The brokerage firm reported the Q1 and Q2 gains on form 26AS, but did not report the Q3 loss since I am told they can only report positive numbers (gains) on Form 16. As a result, my 26AS for the year is showing an income of Rs 50,000 from STCG whereas it should only be Rs 30,000.
On my IT return, I am thinking of reporting Rs 30,000 STCG but that will cause a disconnect with Form 26AS and will possibly invite an unnecessary query. Any advise based on how others dealt with this?
CAclubindia
