Answer

1. F

   Facts

   If ITR-1 was the wrong form because of short term gains, you can file a revised return in ITR-2. For AY 2026-27, revision is allowed till 31 December 2026. Pay the extra tax and interest before revising.

2. P

   Provisions and law

   • Sec 139(5) (now Sec 263(5))A filed return can be revised if you find an omission or wrong statement, within the time allowed
   • Sec 111A (now Sec 196)Short-term gains on listed equity shares and equity funds taxed at 20% (transfers from 23 July 2024)
   • Sec 234B (now Sec 424)Interest at 1% a month where advance tax paid is less than 90% of the tax assessed
3. A

   Analysis

   A revised return under Sec 139(5) (now Sec 263(5)) replaces the original, and you can change the form to ITR-2. Add the short term gain, compute 20% tax under Sec 111A and interest under Sec 234B and 234C. If you wait, CPC may issue a defective return notice or a mismatch adjustment. Revising quickly costs least.

4. C

   Conclusion

   1. 1Compute the gains and the extra tax with interest.
   2. 2Pay through e-Pay Tax.
   3. 3File ITR-2 selecting revised return and quote the original acknowledgement.
   4. 4E-verify within 30 days.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.