Filing taxes for the first time in zerodha

Taxation
1

Hi,

I am filing taxes for the first time. I started investing during March and have no long-term capital gain but short-term capital gain is showing around 9.66k. Do I need to pay this in form of tax? I am doing an IT job and our tax filing is usually done by the company itself.

1.Do I need to report the STCG also for <1 year?

2.And if yes, under which ITR should I publish these taxes?

  1. And what happens if I dont file these taxes?

Thanks

2

Hey @30_DAYS

As per the Income Tax Act, you need to report all your incomes while filing ITR.

Capital Gains are special rate incomes and are taxed at a specific rate. Short Term Capital Gains will be taxed at a flat 15% rate on the profit earned. It is advisable to report STCG in your ITR. You need to file ITR-2 as you have income from capital gains.

It is advisable to file an Income Tax Return before the due date to avoid any interest/penalty for not filing/disclosing your income. If you do not pay taxes on the same than IT Department may issue a notice.

Hope this helps! :slight_smile: