CA services for ITR 3 Audit

Can Zerodha vet for Chartered Accountants/CA services for ITR3 filing with audit ?
My limited experience with CAs has been rather disappointing, to the extent that, the opinion tendered by my CA was in stark contrast with information contained in Zerodha varsity taxation module. I had to revise every bit of document prepared by my CA as per the Varsity taxation module. All that was done by my CA was signing on Audit report.Even audit report preparation had to be overseen as it was full of glaring mistakes in the first pass.
I am sure that there are fellow traders out there who share my plight .
Tax filing season has arrived. It would be great if Zerodha could vet for reliable CAs whom can be trusted blindly.
Any suggestions ?

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have you tried cleartax.

They will assign you a CA who has experience in filing for traders/investors.

if you have any issues with the assigned CA , you can always take it up with cleartax.

They got CA’s for all kinds of filling.

The cost of audit is not declared upfront with ClearTax. They expect you to purchase the trader plan first. They would let you know the cost of audit later. Why would any one opt for such opaqueness ? Can’t the inclusive price be articulated to start with ?

@nakrj

The cost of audit depends on the workload. That cannot be told upfront.

your CA will let you know how much it will cost for audit after looking at your PNL/trading account statement.

Audit cost goes directly to your CA and not cleartax.

Also, if you need to carry forward your losses you need an audit.

Well. That is what I refer to as opaqueness. I have nothing against ClearTax.They are free to frame their policies.
But, Can Zerodha be of some help to active traders on their platform to help them comply with the Income tax submissions, especially in complicated cases where audit is required ? @nithin

We tried this last year, extremely tough to support and hence dropped off. Most people don’t declare all their income to the CA, the guy auditing has a liability if not done right. Quite a tricky thing this taxation thing to support online, especially the audit cases. I don’t know how cleartax and others manage it.

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Cleartax is nonsense. All they do is assign a CA, for that they charge the trader’s plan fee which is daylight robbery. The CA then again charges for Auditing and Digital Signature. Last year I opted for cleartax, this year I have found another reputed CA and getting my audit done directly.

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@AnkitPurohit

not everyone has access to a CA who has knowledge of filing for traders and investor.

Where will go find one in that case?

As for Auditing , the charges for that depends on the work involved. It varies from trader to trader.

As for digital signature. you will have to get it done somewhere. Its not free.

if you have access to a CA who has knowledge of filing for Traders and investors , you don’t need cleartax.

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Agreed not everyone has access to CA (even I didn’t have it last year) however connecting to a CA along cost 6000 at Cleartax is clear nonsense. Be mindful that these 6000 is excluding 18% GST and charges to procure Digital signature (costs 750).

Finding a CA is not difficult. Once you find them, you need to pay their professional fee (which was part of Cleartax fee), auditing charges (can vary from 2000-50000 depending on your book size) and procurement of digital signature.

I am sharing my knowledge, rest is up to you.

Hello,

In case of stock trading, the method of calculation of turnover, preparation of financial statements and classification of income under the correct income head is a challenging task for many CAs.

Quicko can definitely help you with preparation and filing of your income tax return, financial statements and tax audit report. There are many zerodha traders who file their tax return and tax audit report through Quicko every year.

For more assistance, write to me on [email protected]. We can also schedule a call from a CA of our team who would provide you a better assistance on call.

What in case one already has obtained a digital signature ? Would the total amount payable remain the same ?
At many online tax filing companies, they expect the digital signature to be handed over to CA, who would use your digital signature as needed for filing the returns ? Is it the case with Quicko as well ?
On the Quicko’s site, I find that F&O plan for traders is listed as 4999 only. How do i go about purchasing the plan you have quoted, which includes the tax audit report preparation as well ?

The first and foremost problem is they are not aware of different securities we have in trading they consider everything as shares simply,when they see stock future also they think as share and get shocked seeing the contract values running into crores and suggests a tax audit ,I tried explaining everything to them still they are saying what they say but I think this year I-T launches some new forms pls clarify I think for trading they can introduce special form wherein you just pull the sheet form console and attach the loss/profit.

My brother was studying in college where a CA comes as visiting faculty so I approched him (note a known CA trusts you or someone well known should introduce) became they take huge risk of signing .But even I told him everything he is still unsure then later I googled (future and options turnover calculation method) then search result shows up a economic times article I just printed that and gave to CA he read and got clarity.

One of my intellectual friend done extreme step he rang to I-T Dept and told that he has 20k and due to leverage he traded many cores and made 3k profit so how should I declare ?the person at the other end told just show what income you got and turnover(I think as per varsity) and keep the records like trade entries incase of enquiry you should show.so he got cleared.
I think the Dept know that there are many people struggling in trading.i think that a new forms for traders should be introduced

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Share your contact detail or atleast give contact information of CA WHO CAN AUDIT FOR FUTURE AND OPTION

You can contact @Quicko. I have availed their services in the past and found them very professional and responsive.

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Last FY i have only 15-20 Trades in Futures. My turnover is 20903 only as per zerodha report and Realised Loss is 12983 Rs only . Also 2-3 intraday trades with turnover 361 Rs and Loss is 361 Rs…

My question is - 1. If i dont want to carry forward losses , still it is compulsory to go for Audit? Can’t i file ITR by self? If yes, Pls guide
2. If Audit is compulsorily needed, What are the approximate charges for this small turnover ?

Hello,
Based on your trading details, Tax Audit would not be applicable to you for the following reasons:

  1. Turnover is less than Rs.1 Cr
    AND
  2. Total Income is less than the Basic Exemption Limit
    You can file ITR-3 (ITR for Business Income), prepare financial statements and report the trading income as business income. You can also claim and carry forward the loss if you file the ITR before the Due Date.
    To file your ITR for FY 2019-20, you can place an order here - ITR for Traders
    For any further help, please write to us on [email protected]

how much they charge for that service???

for what service?

for assigning a personal CA and helping us in filing ITR…
and…yaa …is quicko is better or cleartax?

see here for pricing https://cleartax.in/tax-filing-for-traders

Cost is pretty much the same. I have been with cleartax for over 2 years now, quicko is new. So i have no idea about their support or services.

However , with cleartax i got good support.

Apart from assigning CA, the cost of audit depends on the workload and the audit fees goes directly to the CA depending on how much he charges for auditing. Auditing fees will vary as it depends on each trader.

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