Capital gains Income Tax Return
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If you are an Equity, Intraday, F&O or Commodities Trader
We Offer Tax E-Filing and Consulting Services
Plan A – Rs 799/-
MRP ₹ 1,599
- Tax Saving Suggestions & Post return filing support;
- Expert Assisted Tax Filing & Dedicated Expert for you;
- Upto 10 Trading activities (Capital Gain Transactions);
- Your ITR would be reviewed and corrected by Expert.
Plan C – Rs 3,999/- onwards
MRP ₹ 7,999
- All the features of Plan B and
- Preparation of Account Summary
- P&L and Balance Sheet ;
- No limits on number of transactions.
Plan B – Rs 2,499/-
MRP ₹ 4,999
- All the features of Plan A and
- Profit/loss from F&O or Intraday Trading Upto;
- 60 Trading activities (Capital Gain Transactions) ;
- Additional Transactions is chargeable @ Rs 25/transaction.
Plan D – Rs 7,999/- onwards
MRP ₹ 15,999
- All the features of Plan B and
- Audit Fee & Cost of DSC included;
- Preparation of Account Summary, P&L and balance sheet ;
- Also covers salary, other incomes and capital gains
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Tax Audit
Is audit applicable for me?
To check Tax audit is applicable you need to check your turnover, profit percentage of your turnover, and if you have losses.
Your Trading Turnover upto Rs.1.00 Cr.
Audit is applicable if:
- You incurred a loss or
- Your Profit is less than 6%
Your Trading Turnover: Rs.1.00 Cr. to Rs.2.00 Cr.
Audit is applicable if:
- You incurred a loss or
- Your Profit is less than 6%
- Not Opted for Presumptive
Your Trading Turnover: exceeds Rs.2.00 Cr.
Audit is compulsory irrespective of
Profit or
Loss
Simple Process
How It works!
- Upon receiving the documents, our expert will call you before starting the process.
- Expert team will exchange the information through email and phone calls, if necessary.
- Team will send you the Draft Computation Sheet for further review.
- Once confirmed, team will e-File your return, and send you the ITR-V acknowledgement.
Upload Tax P&L & File Taxes Online
Simple on-boarding, easy Form 16 upload, covers all deductions, claim TDS & e-file online
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Hyderabad
F.A.Q.
Common Capital Gains Tax Questions
What ITR do traders need to file?
To file Income Tax with trading activity, you can use the table below to identify the ITR form that is applicable for you:
What is a capital asset?
- Here are some examples of capital assets: land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, jewellery;
- This includes rights in or in relation to an Indian company, including rights of management or control or any other right.
- The following are not considered capital assets: Any stocks or consumables or raw material held for the purpose of Business or Profession; Personal goods such as clothes, furniture held for personal use.
Agricultural land in India in a rural area
How are short-term and long-term capital gains taxed?
- Tax on long-term capital gain: Long-term capital gain is taxable at 20% + surcharge and education cess.
- Tax on short-term capital gain when securities transaction tax is not applicable: If securities transaction tax is not applicable, short-term capital gain is added to your income tax return and the taxpayer is taxed according to his income tax slab.
- Note: Tax on short-term capital gain if securities transaction tax is applicable: If securities transaction tax is applicable, short-term capital gain is taxable at the rate of 15% +surcharge and education cess.
Can a return be filed after the due date?
Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier. For example, in case of income earned during FY 2019-20, the belated return can be filed up to 31st March 2021.
Do I need to attach details of TDS deducted, proof of investments etc?
ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.
Are Audit and Financial statements preparation covered in the plan?
Audit & preparation of financial statements is only included in Plan D.
Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
What is a capital gain?
Any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place.
No capital gains is applicable when an asset is inherited because there is no ‘sale’, only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.
No capital gains is applicable when an asset is inherited because there is no ‘sale’, only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.
What are long-term and short-term capital assets?
- A capital asset held for not more than 36 months or less is a short-term capital asset. An asset that is held for more than 36 months is a long-term capital asset.
- For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months.
- It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated.
- Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is. The assets are:
- Equity or preference shares in a company listed on a recognized stock exchange in India
- Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India
- Units of UTI, whether quoted or not
- Units of equity oriented mutual fund, whether quoted or not
- Zero coupon bonds, whether quoted or not.
- When the above listed assets are held for a period of more than 12 months, they are considered long-term capital asset
What is Capital Gain and how is it taxed?
When an asset is sold, the profit arising from such transaction is taxed as Capital Gain. Such gain can be long term or short term and the taxability differs accordingly. In General gain on sale of assets held for more than 36 months are called Long Term Capital Gain(LTCG taxed at 20%)and when assets is held for lesser period then Short Term Capital Gain( taxed according to normal tax slab rates) arises. In case of shares and securities the period is 12 months in place of 36months.
Can I file a revised return to correct a mistake in original return filed?
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
Am I required to keep a copy of the return filed as proof and for how long?
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
Is audit applicable for me?
To check Tax audit is applicable you need to check your turnover, profit percentage of your turnover, and if you have losses as explained above.
Can I add my other incomes while filing through TaxSpanner?
Yes you can add other income sources including Salary, business income, house property etc and also you can claim tax deductions.
File early
Avail Discount & Relax
Generally ITR filing rush increase as deadline approaches. Therefore Taxspanner offers attractive discounts if you file early and generally we cease discounts 2 weeks before deadline.
File Early
Get Your Refund Early
Faster you file your return, fast your return would be processed and sooner you will get your refunds if any.
File Early
Carry Forward Losses & Save Future Tax
As per Income tax laws, assesse can’t carry forward his losses if he fails to file return before the deadline. Therefore you would not be able to carry forward your losses and save taxes in coming years even if you file Belated income tax return.