Filing Returns with Quicko

Taxation
1

Hello,

I’m a student and I have no income but have done some trading activity in F&O. I am considering to file my returns with Quicko.

I didn’t maintained any book of accounts, Balance Sheet and P&L statement. From what I’ve read in Zerodha Varsity, I can conclude that I don’t need an audit; but I’m considering to file returns to carry forward losses(-16K).

I haven’t filed ITR ever, so I’m confused and have doubts :

  • Is there need to file ITR as I’ve 0 tax liability ? What if I don’t File ?
    *Can Quicko do the Job efficiently ?
  • Any other thing to keep in mind so that I don’t have any issues in future.
2

@Quicko

3

You need to file your returns mandatorily if you need to carry forward your losses. Your can’t set off current year loss with profit in next year if you haven’t filed your loss returns.

There are some criteria which defines who needs to file Income tax return.
As you have already quoted you are a student you don’t fall into the category of person earning income in excess of basic exemption limit so you nothing will happen if you don’t file your return.

Yes. Quikco works and their interface is easy to navigate.

4

Thanks for the clarification.

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5

Hi @awsprl

If your total income falls below the basic exemption limit, you will not have a tax liability and hence are not mandated to file a return. However, it is important to note that voluntarily filing a return can be beneficial, as you mentioned you have incurred losses of 16k, so, you will be able to carry forward these losses and set off against future income, which can reduce your tax liability then.

Quicko is a DIY platform with a user-friendly interface. You will be able to easily file your return by yourself. Majority of our customers have trading income and are able to file their returns using our broker integration feature.

Additionally, under presumptive taxation scheme, you don’t need to maintain books of accounts in order to simplify the tax compliance process for small businesses and professionals. It is eligible for those whose total turnover does not exceed the prescribed threshold (currently ₹2 crore). Whereas under the regular scheme, you are required to maintain books of accounts and get audit done if the turnover crosses threshold limit.

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6

I can’t opt for 44AD as I’ve incurred losses, and won’t be able to carry forward them.

I want to use quicko because I want to carry forward losses.

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7

Hello @awsprl

You can prepare and file ITR by reporting income under regular business income and carry forward the losses.

Here’s how you can Add Business Income on Quicko.

1 Like