I have salary income along with capital gains and Dividend income. I have also have income from online gaming(Dream 11). Had 1 owned property which self occupied.
Pls. Suggest which ITR to be filed.
As said by @vishvajit_sonagara, currently, the tax payments are paused due to some changes made by the Income Tax Department. We are working on a solution for the same.
Meanwhile, you can pay your tax on the Income Tax portal and add that as a “tax credit” on Quicko and proceed to e-file your return.
Here’s How to pay tax from the Income Tax Portal.
Hope this helps.
I want to report losses from my 2 accounts from zerodha and shoonya. How can i do it?
Here are the answers to your queries.
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Foreign assets are mandatory to disclose. However, Quicko as of now, does not support the feature for adding Foreign Assets (Schedule FA). Alternatively, to file ITR with schedule FA, prepare your ITR on Quicko, download the JSON, and upload it on IT Portal Utility > Add Schedule FA, and file the ITR using the income tax utility.
If you face any issues, please Submit a ticket: Help Center and our team will guide you further. -
When you receive a unit of Liquid ETF in the form of a dividend, it is taxed under Income from other sources. When you sell these units, the amount on which tax is already paid as a dividend is treated as the cost of acquisition, and gains are then taxed under Income from Capital gains. So, there is no need to pay tax twice on the same income.
Hope this helps.
Quicko automatically fetches your ITR form number depending on the income situation entered by you on Quicko.
You must file ITR 2 if you have income from salary, capital gains, multiple house properties, and IFOS.
Here’s a read on Which ITR Form Number to Fill? - Learn by Quicko for your reference.
Once you’ve integrated your broker accounts on Quicko, your trading data is automatically fetched and the gains and losses are automatically calculated by Quicko. Here’s how you can Import Trades from Multiple Brokers : Help Center on Quicko.
And your current year’s losses are taken into consideration after the set off of losses. You can also add any Brought Forward Losses : Help Center on Quicko.
Hope this helps.
Hi,
1.for fno what types of expenses can we claim and nay doc proff is required to maintain
2.for equaty cash market, any advisor fee paid for smallcases, any other services fee can be show as expense?
3. I have loss in stocks /fno/mutual funds 2020-2021, but forgot,can we do now
Hi Vishvajit, I have purchased a plan in Quicko to file my ITR having trading losses. I have salary income and some losses in trading. My turnover is 70 Lacs and loss is 8 Lacs. Quicko was showing audit applicable based on criteria that I am showing less than 6% of my turnover as profit. I have paid the audit fee as suggested by Quicko. In the audit thread, you have provided a link for tax audit applicability understanding. I have gone through that, there it was mentioned that in my case audit will only be applicable if I opted out of presumptive taxation as per 44AD. I have never opted for that section in the prior years so there will be no question of opting out. So, my question is why was the Quicko portal showing audit applicable? It is showing wrongly as I had to pay excess amount of audit fee and DSC and going through the hassle of audit. Can you please reply if audit was not applicable in my case, then why did Quicko showed it as applicable? Waiting for your answer. Thanks
We have written extensively on this topic here https://blog.quicko.com/tax-audit-applicability-for-traders?noamp=mobile
Here is a quick outline of the blog
On Quicko, we recommend Tax Audit on the basis of turnover, profit/loss and total income. Since it is difficult to determine whether the taxpayer has opted out of presumptive taxation in any of the 5 previous financial years, this condition is not considered to determine the recommendation of tax audit. On basis of our experience with the income tax notices issued by the ITD, we recommend the safest option for the taxpayer.
In past we have seen our customers receive notice even though they have not opted in/out of presumptive tax scheme. As a platform we present our recommendation but let CAs and taxpayers decide whats best for their financial situation.
Let us know if my explanation was helpful.
I am fno trader and have some loss which need to be set off for next year. Can I file the tax with quicko?
My turnover is less then 1 cr
Hi @go_prem
- You can claim all the expenses incurred wholly and exclusively for your F&O trading business. Here are the Expenses a Trader Can Claim in ITR - Learn by Quicko.
- You can claim all the expenses if they have been incurred for the equity cash market.
- If you had reported the losses in the ITR in the year in which they occurred, you will be able to set off and carry forward the same.
Hope this helps.
Hi @Puneet739
Yes, you can easily file your taxes on Quicko. If your broker is Zerodha, here’s how you can Import Trades from Zerodha : Help Center on Quicko and your trading data is automatically fetched and the gains and losses are automatically calculated by Quicko.
Also, your current year’s losses are taken into consideration after the set off of losses.
Hope this helps!
Hi Vishvajit, I would request you to add one question in the tax audit applicability section mentioning whether the taxpayer has opted out of presumptive scheme in the earlier years. If he said no, then tax audit should not be shown as applicable. I myself if would have known this condition, I would not go for audit. I believe Quicko should not assume anything and should ask the taxpayer only about this condition of presumptive scheme opting. Regarding the notice from Income Tax, If we are going by Income tax rules only then we can reply to the notice stating same rules, that should not be a problem as we are not doing any wrong thing and going by the law only. Let me know!
Hello sir, I am a fresher in the field of stock market but started earning from few weeks so i want to know do i have to pay taxes on my profits, if yes then how and also tell me that how can i file ITR etc pls
Thnaks
Hi @Tech_Guru1
If you’re an investor in the stock market, you are required to pay capital gains tax on the profits earned. The capital gains tax depends upon the period of holding of the stocks (long-term or short-term capital gains).
Here’s a read about Capital Gain Tax : A Complete Guide - Learn by Quicko for your reference.
And, here’s how you can Prepare & E-file your ITR on Quicko : Help Center on Quicko.
My (resident) short term capital gain without stt paid for an etf is to be entered into which row of the schedule cg ?
Is it under A 5 ii ?
Quicko can only recommend, as a user you have a choice to agree or not with the recommendation. Platform allows you to file tax return without getting books of accounts audited. However, we can improve communication, for example introduce a preference like you stated. We will work towards it.
Thanks for your reply but I don’t understand the word recommendation. Either Tax Audit is applicable or it is not applicable as per law. I would be happy if you frame a clear cut applicability in your website. I am very much happy to go through tax audit when it is applicable, but I don’t want to do it if it is not applicable and I would recommend to please tell your experts to ask this presumptive related question while deciding the audit applicability in the meeting because as a customer I am not aware of this things. Thanks.
Thanks, appreciate the confident response and to the point.