Calculation & Payment of Tax

Hi Guys,
I am a senior citizen- (80+ Female) and a stock investor through Zerodha. For the FY 2017-18 my profit both from stocks and MF will be in the region of 2.0 Lacs plus- All short term. I do not have any other income other than this.
1.Do I have to pay IT?
2. Should I classify this under business income or STCG from investment?
3. Which form should I use for filing return on line?
4.Will zerodha issue annual (FY) profit/loss statement and ledger to enable submit to IT?
Thanks in adavnce.
T Chacko

  1. No income tax to pay as you are below the IT slab. (for over 80 years, no tax for the first 5lks of income).
  2. This is STCG
  3. ITR2
  4. Yes, we have a tax P&L statement. Best to get a CA help do this for you.
1 Like

Thanks Nithin for the quick revert.
Very much appreciated.

Hi Nithin,
Is not the Short term capital gains taxed at 15% for shares/MFs? I feel your answer that there is no tax liability is not correct as you have assumed it to be business income and not STCG.


Even with STCG, you get the benefit of tax slabs. You pay 15% only if your total income is in that tax slab. So if you are under 60 years, first 2.5 lks no tax, 2.5 to 5lks 5%, only above 5lks it is 15% (total income. STCG+ everything else). So technically the 15% slab kicks in only if your total income is above 5lks.