@Quicko Are the following charges, from the “Other Credit and Debit” worksheet in the Zerodha Tax PnL excel, taken into account while auto-calculating the expenses in your application? DP Charges, AMC for Demat Charges, Payment Gateway Charges, Call & Trade Charges etc. ?
Hi @Quicko
Thank you for information.
Here i want to understand the consequences if CA aduits. Like why CA audits is required if loss/profit is less than 6% than turnover is 1cr. Please explain this point.
Hi @nituldas, Quicko <> Zerodha integration takes into account all tradewise data and it’s expenses. However, “Other Credit and Debit” worksheet is not considered when auto calculating.
You can still claim these expenses under Incomes > Business/Profession > Expenses > Other Expenses
Hi @Trader21,
Thanks for using Quicko 
You can see the transaction history by logging into your Quicko account and navigate to View profile > Income Tax Returns > Select Current ITR/Past ITR > History
@praven_kumar, as per the Income Tax Act and section 44AB, a taxpayer is required to get their books of accounts audited if they had followed the presumptive taxation scheme previously and want to claim losses.
@Quicko I am a zerodha user(DA1967) and logged in to quicko from zerodha console. However I am seeing that it’s picking data of 2020-21 instead of 2019-20. Can you please suggest how to rectify this.
With regards to audit not being applicable for 2 Cr to 5 Cr, is this still applicable if presumptive scheme is adopted and income is above basic exemption?
Hi @anoop_rawat ,
The data seems to have been imported correctly for FY 2019-20 (AY 2020-21). If you find any discrepancy, please share the screenshot and your TaxPnL on [email protected] so we can take a look.
Thanks!
Hi @Vijay_Dobrial,
The Income Tax Department has still not given any clarification on the tax audit applicability when turnover is between INR 2cr to INR 5cr.
Also, if your turnover is above INR 2 cr you cannot opt for the presumptive taxation scheme.
Here’s a tool to help you determine your tax audit applicability
Thank you so much. This is exactly what I was looking for.
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i am filling business income return & recently i have started f & o trading.
- f & o trading is considered as business income?
- are broker statements & bank statements enough for filling f& o trading income?
- should i deduct TDS on consultancy charges?
- GST on consultancy charges should be claimed in GST returns or as expenses in trading income?
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f & o trading is considered as business income? - Yes, it is considered as Business Income.
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are broker statements & bank statements enough for filling f&o trading income? - Yes - major portion will be covered with the help of broker stmts ,more about preparation of balance sheet and profit and loss account https://zerodha.com/varsity/chapter/turnover-balance-sheet-and-pl
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Should I deduct TDS on consultancy charges? - Consultancy charges fall under the nature of professional services and TDS is to be deducted if the payment is greater than Rs 30,000/- during the year.
However, if your turnover does not exceed Rs 1 Crore i.e if tax audit is not applicable in the previous year; there is no need to deduct TDS.
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GST on consultancy charges should be claimed in GST returns or as expenses in trading income?
Answer is two fold
AA] If you are not providing any other taxable service - It is better to expense it off.BB] Other option is claim the input GST and adjust it against the payment of output GST of taxable service. Further if you don’t have any such taxable service and if you have claimed any such input GST; you can apply for refund of such input GST.
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If profit by selling shares is > 1lac & < 2lacs, can we GIFT 50% shares to our family member(say brother) and claim LTCG benefit (of <1lac) from both accounts?
Ex: 1000 shares of Rs.100 bought on 1/4/19.
Now the share appreciated to Rs.250.
Profit will be 150000( 1000 x 250 = 250000 - 100000)
Can I GIFT 500 shares to my family member’s DMAT, sell shares. Now as profit will be 75000 each in two persons accounts and avoid tax.
My main doubt is Some blogs say Shares transferred off-market(without paying STT) attract 20% tax on Profit of sale. But didn’t explained them clearly.
Hi @bearorbull,
When you transfer shares in form of a gift, there is income from capital gains. Thus, you are liable to pay tax on capital gains even if you gift shares to a family member.
The shares received by a family member are exempt from tax since it is considered a gift from a relative. However, when these shares are sold, there would be tax at 10% without indexation benefit since STT is not paid.
It is important to determine the period of holding from the date of acquiring shares to the date of sale. If it is more than 12 months, it would be LTCG, and if up to 12 months, it would be STCG.
From which email id we recieve notice from income tax departent . How to know the recieved notice is authenticated or not.
Are you saying “If I gift shares to my brother I am liable to pay Income from capital gains”
Or
My brother had to pay ltcg/stcg on Selling
Or
Both???
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Notices are usually received sent from the jurisdiction AO’s email ID. You can find this email ID in your income tax login under PAN details in “My Profile”.
Further, in every notice DIN (Document Identification Number) will be mentioned. (Sample notice with DIN is attached for your reference).
You can authentic the same using DIN in this link https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/AUTHNoticeLink.html?lang=eng