I am salary class and having taxable income is more than 9 lakh. I used to fill ITR 1 but recently I came to know that I have to fill ITR 2 if I invest in equity market. I also known that I should give advance tax on profit if I sell share. Is it necessary to give advance tax or I can give on while ITR filling. Should I minus the losses and taxes from profit to while returning ITR. Plz suggest me.
Hey @jeetendra_kumar1,
Yes, ITR 2 needs to be filed if you have profits from the stock market which would be classified as income from capital gains.
Now, in the case of capital gains, you are liable to pay advance taxes in quarterly instalments. If you fail to do so a penal interest of 1% per month will be applicable. If you have not paid advance taxes during the FY, you can pay the tax liability while filing your ITR along with the interest penalties.
Hope this clarifies!