How much tax should I pay?


I am a student all my life, I am currently doing my PhD, non-stipendiary. I am 30 years old, I have saved about 10 lakh from stipends, and gifts from parents and relative over my entire life. My highest stipends were 8000rs a month during my masters and 16000rs a month during early years of my PhD. I currently do not make any money as salary or stipend as the funding for my project has gone dry. So I have deployed half of my savings in buying stocks and selling them, nothing much though, I have opened accounts with 2 stock brokers and made a around 20000rs profit in this financial year. I have never paid taxes in my entire life, I have never even filed tax as I have never earned more than 2 lakh in any financial year. I think there’s a minimum limit where one does not need to even file tax returns.

So here is my question, How much tax should I pay for the 20000rs profit I made in 1 year, all stocks are sold within 1 year so STCG! or since I get no salary or anything, and this being the only income I made this year, should I file tax? or I shouldn’t? Like can this profit be treated at slab rate? If I should file tax, in what category should I file the tax and will it be just 15% flat for the profit. Please help me! Thanks. I know I do not make any money at this age of my life, people can judge me, trust me I don’t like it either, but I do not want to evade paying tax!

Hi Amish,

The basic exemption limit is ₹2.5 lakhs, if your income exceeds the limit, then you need to file ITR.

Your queries seem to be more related to personalized tax Filing.

For further queries, you can book a MEET where a dedicated tax expert can connect with you over a video call, understand your queries, and suggest you the best possible solutions.

Hope this helps.

from the f.y. 2023~24 : there is nil tax till income of 7 lakhs .
so , do we require to file the I.T. returns if the income is less than 7 lakhs ?



Yes, the income tax return (ITR) needs to be filed, if income is above the exemption limit, which is ₹3 lakhs under the new regime, whether the tax to be paid is nil.