Hi, I am Vishvajit, founder at Quicko. Quicko is a platform for individuals to save, pay and file taxes.
July 31st is the due date to file taxes for the financial year 2022-23. Team Quicko and I help a lot of investors
- calculate tax on investments
- report capital gains and trading activity in their tax returns
- understand Zerodha Tax P&L statement
- set off current year and brought forward losses
- determine the applicability of tax audits etc…
As you sit down to prepare and file your taxes, you may have a lot of questions. On this AMA thread, I’ll be answering everything you need to know about taxes on trading and investing.
Thank you for the Platform. I filed IT return this time from Quicko, but it is still pending processing. How many days does it take for processing?
Glad, we were able to help you file your return.
If you’ve e-filed your return, then you will need to e-verify the same. Once the return is e-verified, then it is processed by the ITD. It usually takes about 6-8 weeks for a return to get processed.
@vishvajit_sonagara @Quicko I have trading income that exceeds the basic exemption limits however I also have short-term capital losses I trade in both derivatives and equities. Can the short-term losses be classified as business income and be used to offset trading gains?
Since I regularly do short-term trading in equities.
While filing ITR, whether to report equity delivery trading as capital gains or business & profession income depends on the intention of the trader. So, if your intention was to do business then you can report equity delivery trades as business income/ loss. However, you can not change the reporting of such gains year over year, it has to be followed consistently.
Also, here is an article regarding the rules of Set Off and Carry Forward of Losses under Income Tax - Learn by Quicko for your ready reference.
Hope this helps!
Here are the answers to your various questions.
- Yes, Quicko allows a user to file without audit (ITR). Here’s are the Steps to opt-in/opt-out of tax audit : Help Center
- As per the conversation with our support team in response to the ticket raised, we helped you to e-file and e-verify the ITR today morning.
- You can submit the ITR without an audit as your choice. Quicko recommends the tax applicability and allows the user to choose from opting in or opting out of the audit.
Hope, this answers your queries. Do ping us in case of any further help.
I have Salary of 2000000, STCG 5000, LTCG 80000, Intraday loss -4000, Intraday turnover is 9000
1: Can I file only ITR2 to show Salary, LTCG and STCG, If I am ok to not carry forward the Intraday loss of 4000 for future years for offsetting?
Since you have Intraday transactions, we recommend you file ITR 3 and report the trades.
Since the broker reports all the transactions to ITD there might be a mismatch between the data ITD has and the data you report in ITR.
Hope this helps! Thank you.
Hi @vishvajit_sonagara & @Quicko ,
I was trying to file my return through Quicko. The platform automatically filled few details. One of them was Zerodha Trading account. Please check below screenshot.
Because of this, it is suggesting me to do audit. I am a salaried individual. What should I do in this case?
- Income from F&O trading is reported as Business Income. You can refer to this article to check whether Tax Audit under section 44AB is applicable or not in your case.
If Tax Audit is applicable and you do not undergo the same, then AO can levy a penalty of the least of the following:
(a) 0.5% of Total Turnover, or
(b) INR 1,50,000/-
- You can read about Tax on US Equity in India - Learn by Quicko.
Hope this helps.
I want to save taxes using DTAA. Can I do it in here.
Audit applicability chart on Quicko is recommended assuming that you have opted into Presumptive Taxation Scheme in any of the previous financial years and opted out in any of the succeeding 5 assessment years. If that is not the case, then you can opt out of Tax Audit and file your return. You can read more about Tax Audit Applicability : Help Center.
Hope this helps!
Hi, I am in first year of corporate and I’ll filing ITR for the first time. I just have salary income and interest from saving account (13k). I’m aware that it’s exempt up to 10k Rs. My taxable income after declarations and all in Form 16 is 4,98,000. So will the additional 3k make my total income as 5,01,000 and I’ll have to pay 12-13k tax or only on 10+3k from interest of savings/FD. Also which ITR should I be filing ITR 1 or 2?
Thanks in advance.
We are committed to providing DTAA benefits & accurate foreign income reporting to taxpayers. However, we are currently unable to do so.
If you wish to claim the DTTA benefits, you can download the ITR JSON file & continue your ITR filing on the ITD website. If you face any issues, please Submit a ticket : Help Center and our team will guide you further.
For your reference, here is a read on DTAA - Definition, Types, and Benefits - Learn by Quicko
You must file ITR 1 as you have income from salary and interest (IFOS) up to ₹50,00,000.
Here’s a read about Which ITR Form Number to Fill? - Learn by Quicko for your reference.
Your understanding is correct. With the information provided by you, your net taxable income will be ₹5,01,000 and the tax payable including cess will be ₹13,208. Since the net taxable income exceeds ₹5,00,000 the rebate u/s 87A would not be applicable.
Hope this helps.
Thanks for your response.
Does that mean I can ignore Audit recommendation and file my ITR?
And also Pay taxes via Quicko is not working since yesterday. When will it be fixed?
We enabled tax payments using partner bank last year. There have been recent changes at Income Tax Department’s end. Customers loved making tax payment feature on Quicko, we are working towards bringing it back. However, it may take sometime. Right now, you can make payment by visiting e-tax payment here
Hi, I have two questions.
1- I have some shares of the company I work for which is listed in the US. I also received some dividends which are deposited to the broker in US who holds my shares. Now, how do I file the return using Quicko, as I couldn’t find anywhere the schedule FA?
2- I had some units of LIQUIDETF previous FY. Last year, DSP used to credit units of this ETF to my demat account. Due to this the avg. buying price in Kite got less and when I sold this ETF the taxpnl excel shows it as a capital gain. However, I think these should be counted as Dividends and should be included in dividend income rather than capital gains, please confirm?