Salaried Individual income tax ITR filing

Taxation
1

Hello All,

Apologies for reduntant question…

So this is the 1st time I’m filling up the ITR and I’m getting confused a lot

My source of income is: Salary(so Form 16) and Capital Gains(long term and short term)

My investment are in LIC, ELSS, NPS and one health thing

So my query is and also correct me if I’m wrong:

  1. Which ITR do I need to fill up (I think ITR-2)?
  2. if I use quickoand fill up the ITR-2 form what are it charges(seems like for ITR-1 it is free)?
  3. If I use quicko does it create an account in incometax (the official govt site) where my documents will available as and when it is needed??
  4. If I use incometax(the official gove site), how do I need to upload my investment(Capital Gains and Form-16) meaning is it automated or do I need to fill up all the things manually??

Thank You

2

Yes ITR-2.

If you are unsure of how to do it, take help of a CA . or directly contact @Quicko

3

Which ITR do I need to fill up (I think ITR-2)? - I think ITR 3 for capital gain / loss income. Pl confirm on correct form

if I use quickoand fill up the ITR-2 form what are it charges(seems like for ITR-1 it is free)? If u need expert advise then Quicko has packages for it

If I use quicko does it create an account in incometax (the official govt site) where my documents will available as and when it is needed?? - if u already hav a/c on tax website, then no, if u fill forms from Quicko it captures all the data from brokers report

If I use incometax(the official gove site), how do I need to upload my investment(Capital Gains and Form-16) meaning is it automated or do I need to fill up all the things manually?? It is automated if ur PAN, aadhar is linked then it populates otherwise u need to fill it manually if it does not captures.still tax website is in updates so better way if u r not sure then u can take xpert advise

@Quicko pl provide ur inputs

4

Thanks for your valuable response…

If I have a capital gain of around 30k, and if I fillup the ITR-1 form or I didn’t mention it what will be the implication or what will happen if it is undeclared

5

Hey bro chk this out ITR Forms (The Finale) – Varsity by Zerodha

You can file ur ITR 1 firm as it is for salaried employee it gets approved usually even if u don’t show capital gain on that form

The thing is how u show in ITR form I. E capital gain from shares by selling stocks & F&O if u trade in it. You can find that in above link

It depends on which gain / loss u made STCG / LTCG. STCG are applicable at 15% & LTCG 10% for gain above 1Lac

Check this out Taxation for Investors – Varsity by Zerodha

Ideally it’s better to declare, if ur income is more & u don’t show then probably further u can get notice from tax dept & then u need to pay penalty for it.