Answer

1. F

   Facts

   Brokers, registrars and fund houses report sales of shares and units. If you left out the capital gains, you can fix it with a revised return if that window is open, or an updated return with additional tax.

2. P

   Provisions and law

   • Sec 139(8A), Income-tax Act 1961 (now Sec 263(6), Income-tax Act 2025)Updated return within 48 months from the end of the assessment year, with additional tax.
   • Sec 140B, Income-tax Act 1961 (now Sec 267, Income-tax Act 2025)Tax, interest and additional tax must be paid before filing the updated return.
   • Sec 285BA, Income-tax Act 1961Banks, registrars, mutual funds and others report specified high-value transactions to the department.
3. A

   Analysis

   For AY 2026-27, a revised return is still possible and has no additional tax, though a fee applies after 31 December 2026. For older years, an updated return costs 25% to 70% of the tax and interest, depending on how late it is. Say you missed a ₹1,50,000 short-term gain taxed at 20%: tax is ₹30,000 plus cess and interest, and an updated return in the first year adds 25% of that. Respond to the campaign only after you have filed the fix.

4. C

   Conclusion

   1. 1Download the capital gains statement from the fund house or broker.
   2. 2Compute the gain and the tax for that year.
   3. 3File a revised return if the window is open, otherwise pay and file ITR-U.
   4. 4Respond on the Compliance Portal with the new acknowledgement.

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