2. If I need to fill ITR2 (I have been filing my own returns and have only filled ITR1), please let me know in ITR 2 how the capital gains has to be entered with what amount and in what schedule of the ITR?

Ans: In both the cases you can use ITR 2 to file your tax returns.

ITR 2 is used to file tax when you have income from salary, income from house property, income from capital gain and loss (in your case shares), foreign income, etc.

Ans: Dear Rajesh,

Firstly, I appreciate your diligence in managing your taxes. Now, coming to your query, the choice between ITR-1 and ITR-2 depends on the nature of your capital gains.

ITR-1, also known as Sahaj, is for individuals with income up to Rs. 50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs. 5,000. However, it does not allow you to report capital gains.

On the other hand, ITR-2 is for individuals and HUFs not having income from profits and gains of business or profession. It includes the provision to report capital gains.

In your case, since you have capital gains from the sale of mutual funds, even if it's less than the taxable limit, it would be more appropriate to file ITR-2. The TDS that has been deducted can be claimed as a refund in your return if your total income is below the taxable limit.

Please consult with a tax professional or chartered accountant to ensure you're following the correct procedure as per the latest tax laws.

Remember, it's always better to be accurate in your tax filings to avoid any future discrepancies or issues with the tax department.

I hope this helps.

Best Regards

Ans: First register yourself at incometax.gov.in. After doing login, you will find option "file now". Select assessment year as AY 2023-24, online and select form as per income earned.

In case of investment in tax saver mutual fund, deduction can be taken in Sec 80C with upper limit of Rs.1,50,000.

Revised return can be filed till December.

Ans: If you file ITR in online mode, in capital gain schedule you will find 2 options to report STCG and LTCG.

STCG is covered in Sec 111A and LTCG is covered in 112A wherein you can provide required details. You are also required to provide quarter wise details of gain in given schedule.

Ans: Okay. Yes it is ITR 2. Apologies for the confusion