Income tax problem?

i did one tranjection 10 lakh in my sb account, linked in trading account.
im not taxpayer, its effecting me?

@Quicko can you.

even if it is one time transaction you should file itr, even if you haven’t previously filed itr… you never know when it department can issue notice.

Hey @mnmurthy38,

Yes, you should always report all your incomes when filing your ITR. It reduces the chances of getting a notice from the Income Tax Department. Especially, with the recent MoU between SEBI and CBDT for the exchange of data , ITD can catch you for not reporting your Trading transactions.

Hey quicko,

How to report debt. MF STCG on ITR3? I tried google and all. Could not find an answer. On the CG schedule. A6 seems the most appropriate. But the heading says only for ‘shares received’. Confused.

The federal tax system is beset with problems: It does not raise sufficient revenue to finance government spending, it is complex, it creates outcomes that are unfair, and it retards economic efficiency.

Hi @Akarsh,

You can report the STCG from debt mutual funds under A6 of CG schedule in ITR 3. However, it should be reported under A5 of schedule CG in ITR 2.
The STCG from debt mutual fund is taxed at the applicable slab rate.