I have income from regular salaray.I have transactions of buying and selling of shares (mostly short term).What will be the I.T. on these transactions? I heared it is 15% and nil (for long term transactions).Please let me know. Importantly,my CA has filed my return ,online, on form no ITRIV and deducted 30% tax on shor term gain.He has treated these transactions as business.Is it correct? Can we file revised return to rectify the mistake if any?If yes, what is the last date/period within which we can do this? Thanks
1 Answers
In case STT has been paid on buying/selling of shares, 15% income tax is payable on short term capital gains (kept for less than a year). These transactions should not be intra-day and delivery should have been taken.
If the transactions have been intra-day, then it would be treated as income from speculations. Gains will be added to taxable income.
If transactions have been in F&O (future and options) then this will be treated as income from business.
Still, If you think, ITR has been filed with incorrect data, then you can file a revised return. You should file revised return before end of assessment year (31st March).
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