Broker1: charges Rs20 per trade as brokerage
Broker2: charges Rs0 per trade but has a monthly subscription plan
Even if i stick with broker1, the brokerage incurred + the GST on the brokerage of 18% are all claimable as expense during ITR right? And the nett income we take home will be same be in either wise??
If yes - then what is the logical reasoning why people would want to move for a lower brokerage plan - am i missing anything here?
US stocks are not stored in Demat. They don’t have Demat concept
Hi @viswaram, Yes, you are right, brokerage and GST on brokerage shall all be claimable expenses when you file your ITR. And the net income shall generally remain the same in both the cases.
When a brokerage as a subscription is charged, it allows you to carry out any number of transactions you like. Suppose, there are two scenarios:
Hence the choices are generally decided by volume of trades a trader does.
ETRADE
Etrade is the account where the ESPOs are stored
What about the interest charged by broker at 9% per year for not maintaining margin - are these also tax deductible ??
Hi @Jack_R, you can fetch your statement by going through the following route.
ETrade login → My Account ->Gains & losses → Download ->Download Expanded
Once you download your statement, you can get the FMV on the date of exercise of stock for the purpose of capital gain in that there are three columns which will help you do the same (i.e. Adjusted cost basis, Adjusted Cost basis per share and Adjusted Gains/Losses)
Please let me know if you continue to face any problem. 
Hi @viswaram, yes the interest charged at 9% by the broker for not maintaining margin is tax deductible but penalty charged by broker will not be tax deductible.
Thanks. Does Quicko have the option to import statement from Etrade and fetch the values automatically?
@Jack_R, currently we don’t have an integration to import statement from ETrade but we are working actively to integrate it. We would recommend to use the Quicko Excel Template for importing your trades.
Can we sell and buy the same mutual fund on the same day for the same amount?
Basically, I want to take the advantage of the capital gain loss so wanted to sell and again buy the same fund before the cut-off time.
Is sell and buy units on the same day considered as intraday for mutual funds?
Hey @Jack_R , If you buy a mutual fund, you get the delivery after mutual fund transactions are executed. If you get the delivery of mutual funds and then you sell it, the gain would be considered as capital gain. The transaction would be considered as intraday if you sell any security without delivery.
I have a question about the income tax department. One of my family members had passed away many years back. IT Department keeps sending notice to file the income tax and link the Adhar card and Pan number. What should I do?
Hi @Jack_R, we are sorry to hear about your family member. To surrender the deceased person’s PAN card, you will need to write an application to the assessing officer (AO) under whose jurisdiction PAN is registered . The letter should also contain reasons for surrender (i.e. death of the holder), name, PAN, date of birth of deceased, along with a copy of death certificate. If you are the legal heir of the deceased person, you can also merge their details with your
Suppose I worked in Australia for a couple of months and was back in India due to covid and did not work in India. Do I need to file the ITR and show the Australian work salary income in India?
Hi @Jack_R, if it has been more than 182 days of your stay in India in a financial year, then you will have to pay tax on your global income but you can claim credit of the taxes already paid in Australia.
@Quicko
I knw turnover calculate as -
Mr. A buys 100 shares of ABC Ltd at a price of Rs.1000 per share. He sells them at a price of Rs.1050 per share at the day end and squares off his position. Profit = Rs.50 * 100 shares = Rs.5,000/- so 5000 is turnover
But
What if he does 3 times transaction in same share - Same Day
In second transactio. Mr A get Loss of 8000
In Third Transaction Mr A get profit of 4000
End result 1000 Profit
What would be the turnover is it just 1000 rs or combined 5000+8000+4000 = = 17000/-
Same share same Day ?
i know what you say . BUT . my question is , if the assessee lie about his residential status ; how the taxman would come to know ?
I have opened account under residential indian .
I m trading actively eve
ryday .
I trade online . So . I can trade from any part of the world . And nobody can come to know my location .
If i am a resident indian or NRI .
How would the taxman will come to know my status ?
Talking about doing lot of intraday trading & filing ITR3 as a business- Quicko Zindabad !
I filed ITR-3 via quicko (importing tax P&L from zerodha via quicko interface) & even got a small refund (a bank withholding TDS on my FD’)after processing (did not do tax audit as below threshold) .
all these years I filed ITR-1 as a senior and always mailed ITR-V to bangalore by speedpost.(though I have all kind of online banking & functional aadhar otp etc )
This (first time) filed ITR-3 .
filed few days before last last final deadline&printed ITR-V
& sat on it for 95 days (despite Income tax computer spamming via sms & email to everify weekly thrice) & then speedposted it to CPC banagalore. (120 days deadline for everification)
Surprise Surprise speedpost delivered in 2 days .
got the 143-1 processed sms+email & refund granted mail in 2 another days. 2 days later Refund credited in to bank.
some one here in these forums mentioned they filed ITR-3 with out audit “free” via Quicko. hats of to him. saved auditor fees.
hanging around here , you get free useful tips.