How to calculate FNO turnover?
Should it be scrip wise or trade wise?
Say I trade a scrip multiple times
If I consider trade wise, turnover, which is absolute sum of PNL, will be higher compared to when I consider scrip wise.
Hi, if epf is redeemed before 5 years service and total amount is less than 50k. Then how to report in itr 1? Only employee interest is enough to report in income from other sources?
@Quicko I’m getting an error under Tax Credits that says “Mis-match in Other Sources Income. Declared income is lesser than the credit amount of TDS associated with it”.
I had withdrawn my PF and added the TDS details from 26AS, which seems to be causing this error. I don’t see where to add this PF withdrawal amount as income under Income sources. Where should I show PF as an income source?
Hi @akshit,
If your profile shows you as a non-resident, you won’t see an option to switch from ITR‑1 to ITR‑2. This is because the ITR form you can file depends on the types of income you have, not just your residential status.
ITR‑1 is meant for individuals with simple income sources like salary/pension, income from one house property, and certain other exemptions. If you have capital gains, foreign income, or income from multiple sources, you will need to file ITR‑2.
You can file with us if you are facing this issue, as Quicko automatically selects the correct form based on your income, and your existing data will carry over safely.
Thank you!
Hi @GuestTrader,
Yes, reporting just the interest portion under “Income from Other Sources” is sufficient in ITR‑1. The employee’s contribution and the principal amount are not taxable.
Thank you!
Hi i have been doing fno with salary income , I do trading with only 1/10 th capital of my total salaried income accumulated over the years (after paying taxes) , so while maintaining the balance sheet and proprietors fund in ITR 3 , should I report 1/10th or do i need to report complete salaried account balance ?
If in future i plan to shift entirely to trading , would i have to show all the saving account balances?
Hi @KKK222,
Report only the amount actually invested in trading (1/10th of your savings) in your ITR-3 balance sheet. The rest of your salary savings need not be included. If you later invest all your savings into trading, then the full amount will be reflected.
Thank you!