There is a minor error on quicko. When I import Capital gains from zerodha, there is a debt mutual fund transaction. On debt mutual funds like liquid fund, STT is not applicable. By default, quicko selects Listed (STT paid) for the MF. Even if I change it manually to Listed (STT not paid) and save it, when I click on the entry again, the STT tab reverts to STT paid. Pls fix this.
Hi,
When calculating STCG on short term transaction of shares, we can take expense of all charges except STT. In Tax P&L, the charges are shown cumulative, means they will also include charges related to shares that were bought during that FY but not sold. How to go about it?
Thanks
Hey @ron94,
We will have to get this checked. Can you please drop us an email with the tax P&L report on [email protected]?
Another way to look at it is if instead of buying extra Rights, I would have sold those 15 Rights that would have amounted to income and taxed.
@Quicko I have a Capital Gain of 6 lakhs from Mutual fund investment and FD interest of 1 lakh.
Total 7 lakhs.
As per the new regime should I pay any taxes? Any capital gain tax?
@Quicko team, the option to upload excel sheet is still not ready. When I called you 10 days back, someone said it will be done in 3 to 5 days.
Without this option, I am unable to upload trades from non-integrated brokers.
Hey @ramesh1985,
Yes, you’ll have to pay capital gains tax at a flat rate of 15% (if gains are short-term) and 10% (if gains are long term). Under the new regime, rebate for special rate incomes has been disallowed.
So, as the basic exemption limit is ₹3L, your FD interest will be exempted and ₹2L of capital gains will also be exempted. You’ll have to pay tax on the remaining capital gains.
1 Like
1st one lakh long term capital gain is exempted right? So total 3 lakhs will be exempted ? (1 lakh + 2 lakhs in basic exemption)
Can you please let us know your ticket number?
@Quicko - I am waiting for your reply. If this fix isnt coming - please inform fast. I might have to look for other options to do the ITR.
Hey @ramesh1985,
We have talked about it in detail here: What are the tax implications on minor’s demat account?
1 Like
Hi, I’m an MF investor learning to trade.
I have been filing ITR-2 for the last few years.
Is it okay to file ITR-2 if I trade Options especially considering the STCG was increased to 20% today?
I have gone through the tax module on Zerodha Varsity which honestly made me afraid to trade Options as it could be considered “business income”, though I have no idea how that is possible. The module also states that it’s up to the individual to choose whether to classify oneself as trader or investor.
I have no problem continuing to pay taxes filing ITR-2 with 20% flat tax on Options profit but having to file it as a business, registering business with GST, consulting CA, doing auditing, paying advance taxes every quarter, etc. would be too much hassle simply for the benefit of offsetting expenses (I am not a big spender).
To conclude, can I continue filing ITR-2 with Options trading as an individual or is this strictly not possible, and it would be better for peace of mind to not start this at all?
Thanks!
Future and options trader how to give tax?? What is the procedure??
I do margin delivery trading and intraday trading. In margin delivery trading i have to pay pledge/unpledge charges and intrest charges for holding these margin stocks. Can i claim pledge/unpledge charges and interest charges in ITR 3 and if yes then under stcg or speculative Business income ?
Options is business income. you have to file ITR-3.
This is not for F&O. That is for equity delivery. If equity delivery is your business you can classify it as business. Else you can classify it as capital gains.
GST etc not needed till a certain stage. You can pay on Cleartax/Quicko and file. Advance taxes etc is needed as per profits.
Not possible, and not allowed.
1 Like
Hi,
I am a salaried employee and have intraday loss of -29000 and intraday turnover as 171000.
I wanted to know if it requires tax audit or not.
I have short term capital gain of 45000.
Can I skip ITR 3 by not showing loss as I would not do it again and did first time and only file ITR 2 to show short term gain.
@tallerballer Thank you for the comprehensive answer, you’re very kind.
This is the point I’m hung up on, as in how can I, an individual be considered as a business for tax purposes simply because I trade options especially when I don’t have a registered business?
If you look at it from a normal person’s perspective it’s quite confusing. Nowhere does it say in Zerodha’s portals (Kite, Sensibull), or the F&O learning materials that one should register a business to conduct F&O trades, nor is this asked when doing KYC. It was just the recent news about LTCG/STCG tax increase and the approaching AY 23 filing deadline that prompted me to look at the taxation module in Varsity only to found this rather confusing information, otherwise I would’ve taken F&O implicitly under STCG.