ITR related suggestion needed

Taxation
1

Hi… @TAXIQ.IN @Ca_Omprakash_Jain

I’m a student and have no income source (Whatever scholarship I’m getting is absolutely tax-free).
I’ve earned a total profit of 230000 INR from equities in FY 2017-18 ( holding < 1Yr), around 10000 from Dividends and 5000 from bank interest. I’ve PPF account in which I deposit 1.5 Lakh annually.
My queries are…

  1. Which ITR form should I file (Please tell me all the forms, for interest, capital gain, and dividend)?
  2. As my overall income is less than 2,5 Lakh, do I need to pay income tax (As I have short-term capital gain)?
  3. As the interest of PPF accumulated every year, do I need to show it in ITR as interest?
    Thanks in advance…
2

  1. ITR 2

  2. No Tax. Yours is BEL Case. I would suggest you to file return though you have no tax liability. It will be helpful in future.

  3. No need. On a bright side you can claim deduction of upto 1.5 Lakh under 80C when your income exceed BEL in future.

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3

Thanks a lot … :slight_smile:
one more question…
When should I need to file ITR for FY 2017-18 in July 2018 or before 31st March 2018? As I remember last year I had filed my ITR in July.

4

On or before 31st July, 2018 or any date as extended by govt.

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5

Last year ie July 2017 I want to file the ITR-1 for the assessment year 2016-17 as I hadn’t had any income for the financial year 2016-17 but by mistake, I had filed for the assessment year 2017-18, while between July -17 to March-18 I have short-term capital gain of 230000 and other dividends.
can I file now ITR-2 for A.Y 17-18 (As I think, I shouldn’t have filed ITR-1 for assessment year 17-18)? Am I correct?
Thanks

6

Shivam,

FY 2016-17 = AY 2017-18.

As you did not have STCG during FY 2016-17, You correctly filed ITR 1 for AY 2017-18. No need of revision.

You should report your FY 2017-18 STCG income in ‘Schedule CG’ of ITR 2. AY in this case will be 2018-19.

If you want to report zero tax liability for FY 2015-16 ( AY 2016-17 ), You can still do it using ITR 1.Remember 31st March 2018 is the deadline.

7

Thanks a lot :slight_smile:

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