@Quicko whether books of account are mandatory for carry-forward loss? If net revenue from the business or profession is below INR 2,50,000.
Hi @100rabh
If LTA is a component of your salary structure, only then you can claim the same.
Hereâs a read about LTA: Meaning & Conditions to claim Exemptions- Learn by Quicko for your reference.
Hi @VRV
If you have filed your ITR within the due date as per Sec 139(1), you can carry forward the loss to future years. Books of accounts are advised to be maintained, irrespective of income.
Thanks for the answer.
Is it possible to claim for LTA in the next year of the same block. I mean, if I structure my package to have LTA component this year (2023-24), Will I be able to claim the LTA for expenses in the last year (2022-23) ,since the block is still active.
@Quicko - The computer, mobile purchases comes with depreciation right. So the data I filled in last year will not automatically reflect this year with the depreciated asset value?
Or do we have to manually calculate and enter it each year.
Hi @viswaram
As of now, you will have to manually enter the amount and select the depreciation rate on Quicko.
I have some affiliate marketing income which came from usa apart from FnO losses. Affiliate income should be entered at what section. 1. Regular Business 2. business income u/s 44ad 3. regular profession or 4. profession income u/s 44ada. ??
Not required.
Hi @jyoti
If youâve earned commission income from affiliate marketing, you can report it as regular business income.
Hi @100rabh
You can claim the LTA for FY 2022-23 if it is a part of your salary structure for FY 2022-23. If it is not, you canât claim the same.
This is little late. We are in peak tax season, hopefully you will cut me some slack. Team and my constant endeavour is to bring quality tax advisory at affordable price. There is no one-shoe fit all solution for the same.
I have tried to answer your questions in-line, hope this helps
What about after sales support?
You are not buying the plan from the CA, you are buying it from us. It is our responsibility to provide quality after sales support. You can always reach out to us on the order ticket, we will resolve your queries there. If this requires to connect you with a tax expert, we will take care of the same.
How much time will CA allocate?
Like most professional services, we charge you for our time. More time means more money. So we made a conscious decision to only offer services solvable through our product. This ensures, all our services have clearly measurable outcome and we designed/priced our plans keeping the same in mind. However, we take as many meets as it takes to complete the order.
Why canât I pick a CA?
We frequently get this request from our customers. This is something we are working on in a new version of MEET. We will be making it available soon.
Should a tax expert spare some time summarising your tax computation?
Absolutely. Our SOPs currently require tax experts to review your tax computation and get your consent before they file the tax return. Let us know if you faced any issues here, we will address it immediately.
I am sure there is scope for improvement. We are all ears to get more constructive feedback.
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I am really happy to file my taxes with you and I have seen the various improvements to your website. I hope you bring in even more automation and make it as seamless as possible.
I have a query regarding the data privacy with respect to our data. I see that every CA who is assigned to the user is working from their personal computers(not 100% sure but I come to this conclusion based on the screenshares during MEET). The files are downloaded to their computers and once the filing is done how are the files treated(stored persistently/deleted etc?) and what kind of privacy rules are applied to the user data?
Once The Digital Personal Data Protection Bill become effective, what kind of measures can we expect to see with your services?
Thanks and Regards,
Z-User
Thanks for the shout-out. We are really excited about the next version of our app, you will love it too. Please stay tuned.
We follow below principles when its about your data security.
-
You are data principal.
Data principal is the owner of the data. We are very clear that users own their data. You can request deletion of your data from our servers at any time. While we build automations, processing your request fully may take up to 30 days. -
Quicko is a data fiduciary.
Data fiduciary determines how data is processed. We follow best practices including regular certifications such as ISO and SOC 2, training, least access policy, data encryption at rest etc to safe guard your data while it resides on our servers.
We have very clearly laid it out here
Our products are built around these principles. We are increasingly adding more integrations, so you do not have to share supporting documents, but it is far from complete.
In the meantime, we have added âMy Tax Accountantâ feature. Our tax experts can only access your tax data by you inviting them to your accounts. You can revoke access at any time.
In case you share any documents, you should always ask them to clean up after the MEET.
I can ask about this but if this is really honoured cannot be verified and at times the conversation can be uncomfortable with the CAs involved. I believe that this is something that should be centrally driven by your team.
But the best solution would be to enforce such best practices with the help of technology.
Hi let us say I have f&o turnover of 1 lakh and profit is 100%. I also have share trading (non speculative business income) turnover of 90 lakh and profit is 5% ie 450000. In presumtive taxation can I show turnover 91 lakh and profit 550000? I mean can I club f&o turnover and share trading turnover (non speculative ). I have been using presumtive taxation for last few years and want to continue with it. I donât want tax audit.
Hi @Mahesh5
Yes, you can show the turnover of both non-speculative businesses under the presumptive scheme. An audit will not be able to you as it is below the limit of 2 crore for AY 2023-24.
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Thanks
Does ITR filing is mandatory for FNO traders if income is below exemption limit ? I want to open trading account for parents, do they have to file ITR if their income does not cross exemption limit ?
F&O income is treated as business income and you need to file ITR-3 or ITR-4 depending on whether you opt for presumptive taxation under Section 44AD irrespective of the Exemption limit. You can use Quicko, I did my filing with them. Itâs easy and DIY.