Hi Guys,
My little cousin is investing in stocks. By mistake for one order of his he selected as intraday instead of cnc in last FY. Now his ais, tis shows details about his capital loss but not about this intraday entry. The broker’s report shows this
His total taxable income is nil. Can he file ITR 2 or will there be any issues because of this?
@TeamQuicko Please share your views on this
Hi @tax007,
You can correct the mistake by changing the buy and sell dates for that transaction and report it as short-term capital gains. Just manually add the details in ITR-2 when filing. Since there are no other issues with the income, there shouldn’t be any problem.
Thank you!
Dear Mam,
There is no STCG but a loss instead. Requesting you to please check the screenshot in the main post again. And that one entry is of intraday, will it be ok to add it manually in the ITR-2?
Thanks
Hello @tax007,
You can report an individual intraday trade, whether it results in a profit or a loss - under the head ‘Short Term Capital Gains’ (STCG) while filing ITR-2. Mentioning the STCG head does not imply that only profits must be reported; intraday losses can also be disclosed under this head.
Hope this gives clarity!
Thank you. One question, he had another short term capital losses which he reported under the short term capital gains/loss section. Now should he revise the return and increase the loss amount by Rs. 1 (Rounded off 0.85 to 1) ?
Hello @tax007,
Yes, he should revise the return and adjust the loss amount. The revised return can be filed any number of times before December 31, 2025.
Hope this helps!
Thanks for your kind reply @Diti_Savalia mam Last questions-
a. This loss amount of Rs. 1 is to be added in short term capital losses section? And the sell value (2678.70/-) and buy value (2679.55/-) also in the total of short and long term capital losses?
b. He is already in non taxable slab and has no taxes payable. He has mentioned all his short and long term capital losses, from us/indian stocks, correctly in the retrun. If this loss amount of Rs. 1 for which this thread was started, is not mentioned anywhere then what is the penalty or fine?
Technically we will be revising the already filed ITR-2 only and not filing ITR-3 then is it worth revising the same as this entry is showing under intraday and for intraday ITR-3 is required?
Hello @tax007,
It is generally advisable to file a revised ITR, but since the amount involved is very small, you can choose to avoid it.
Hope this helps!
Thank you mam.
Sorry for a followup query, even if the amount was big then technically we will be revising the already filed ITR-2 only and not filing ITR-3 then is it worth revising the same as this entry is showing under intraday and for intraday ITR-3 is required?
Hello @tax007,
If there were a significant amount of intraday profit or loss then it should have been reported under ITR-3 only.
Hope this clarifies!
