[Poll] How do you DIY file your ITR and what ITR do you file

Taxation
1

Hello everyone, happy new financial year.

A new FY means accounting your last year’s financials and filing your ITR, I am sure some of you do it on your own without the help of a CA, so I have created a poll to see which DIY platform is the most popular. Please vote:

What do you use for filing DIY ITR
  • ClearTax
  • Income Tax India e-Filing Portal (Govt.)
  • Physical ITR
  • Quicko
  • Other (Please mention in your post)

0 voters

2

New Poll: Please also pick what ITR form you are going to file this year (last FY):

Which ITR are you filing for FY20
  • ITR-1 Sahaj (Salaried)
  • ITR-2 (Other than business or profession)
  • ITR-3 (Profits from business or profession)
  • ITR-4 Sugum (Profits from business or profession - Presumptive Scheme)

0 voters

3

The voting turn out has been good, thanks to everyone who have participated so far.

I am surprised that out of 23 (at the time of writing), 15 people have chosen the paid Quicko service.

I would like to ask Quicko users why they are opting to pay for a DIY service while there are other free alternatives are available (ClearTax and Income Tax India e-Filing) :thinking:

ClearTax even has an option to import Zerodha Tax P&L statement for capital gains. I personally use this service and I find it satisfactory, especially for free service.

I can understand paying to have a professional CA to prepare your ITR, but if you are DIY, why pay?

1 Like
4

Hi Cosper
good survey & the fact you used "free filing using clear tax" was interesting.
(must be with out tax audit?/turn over below Audit thresh hold? )
since I may have to file ITR3 with tax audit ( intraday speculative+stcg+F&O (including currency & commodity)- i was shoppong for a CA in a aother site.
look at the reply some CA gave… there are 1000’s of traders here … this info will be useful to us all…i will give fiollow up info if this is fruitful

I have some doubts (stock trading only from april 2020)
1.Intraday speculative trading : no calculation of buy & sell value of stocks right ? only profit/loss? - Yes only profit and loss to consider but sum up the profit and loss (ignoring the negative sign) 2.STCG (BTST &up to 1month holding max ) buy& sell value of stocks comes under turn over as a business ? - Buy today and sell today falls under Speculation, Short term trading falls under Business if your intension was to trade in stocks and not to hold stocks as investments.
3.Have currency trades - comes under turn over as a business? - Yes currency trade falls under Business
4.Have few futures& option trades -comes under turn over as a business? - Yes futures and options do fall under business however, turnover is calculates as per the speculation business only and adding the premium earned or paid for such Options.
5.Have Commodity trades --comes under turn over as a business? - Yes commodity trading falls under business
6.All brokerage charges ,STT,CTT,Stamp duty,Exchange fees can be claimed for which heads? - All charges can be claimed as business expenses against each type of business activity carried out. 7.What is the IT filing code for business “indivual speculator/stocks trader” (all these years I self filed ITR1 with only FD income as a senior citizen ) -
ITR 3 needs to be filed and 2 business codes will be selected 1) Trading Others - Mention F&O in descripttion 2) Speculation business - for intraday stock transactions
8.I have 2 brokerages Tax P&L statements ( turn over total may be 4-5 crores) Net I have profit in intraday & but losses in STCG , F&O, Commodity, Currency ttades etc - yes loss from other businesses can be set off agaisnt intraday profit can we adjust all & give a total P&L in ITR3? - Yes a total P&L is possible to show but bifurcation on nature of income needs to be done separately.
9.looking for any auditor fees quotes .Any city is ok, but that CA must specialise filing for stock traders - We can help you out to solve each and every query, conduct an audit also for the required transactions.

1 Like
5

Thanks for sharing some useful info brokenbull.

I would also recommend who are confused about several aspects of taxes or ITR to just open a free account in ClearTax (or Quicko, but I have not used them personally), you will get a very clean interface to input your financial details, you can just fill whatever info you have handy and leave the rest blank.

After that you can review the final report, this will give you a lot of clarity about what other stuff you have left to take care of before filing your taxes.

All of this is free in ClearTax (again, not sure about @Quicko as they charge for anything else other than ITR 1 & 4), so there is nothing to lose…

Both ClearTax and Quicko have team of CAs who can help you and perform “Tax Audit” if necessary.

1 Like
6

Casper
Thanks for your input.
I hope @quicko comes here and tells all of us upfront ______________what will be the Net Net tax audit fee or atleast tax audit fee based on what parameters?.
we can not pay their quoted fee upfront & they say " you have to negotiate with auditor seperately for auditor fees for auditor to put his stamp …
sure I will open a free account in CLEARTAX & upload combined 2 brokerage data & see what comes out ( before I negoiate with the ahmedabad based auditor (Iam in Telengana)who replied me as above in a charted accountant forum)

1 Like
7

Someone voted “Other” but did not mention their choice, please mention it in a reply if possible.

For those who have chosen the government’s website, how has been your experience? Does the ITR form have any ambiguities that you were not able to figure out on the first try? Does it have any glitches? They are the major concerns which are stopping me from using it.

8

41 votes, very nice! Anyone who can answer my query about Income Tax India e-Filing Portal?