I am a salaried class. Can i pay the IT for the profit i made in short term capital gains directly to IT Dept.?

Question

I want to pay the income tax on my capital gains direcly to the IT dept. without disclosing to my organisation. If yes, how to calculate the tax and pay online.

Answer 1

Best Answer - Chosen by Voters

It is not passable. You have to file your returns in Form ITR 2 to the Income Tax Department in which you have to disclose your salary and capital gains together with your company's Form16 or salary certificate.

You cannot just calculate and pay taxes. You must follow the Income Tax department procedure.

If the gains are just short term capital gains from shares, then you have to pay STCG tax @15% on net gain. For example, if you have gained 1 lakh for some companies and lost 60 thousands in some other companies, then the net gain is Rs.40,000 and the tax on it @15% will be 6,000.

Answer 2

It seems you have not heard of self-assessment tax. That is how people pay tax to IT dept.

Visit http://www.tin-nsdl.com/ & select e-payment for paying taxes on-line.

STCGs on shares are taxed @ 15% special rate.

STCGs on other capital assets are added to gross income and taxed at personal slab rate.

HMT

Answer 3

hi..
you can pay your tax directly to income department.
but you have to clarify in return with form 16.

If the gains t short term from shares
then you have to pay ST CG tax @15% on gain

just inform your consultant when you file your income tax return

Answer 4

yes of course. you cannot inform your organisation about your gain .they will not do that ( atleast most orgranisation do not do that)
after you get your Form 16 take that form and the profit details to a CA ( or learn from a CA friend ) how to update the tax ( maybe online might be possible )

Source(s):

my love for personal finance.