Hi @sazalsharma1995,
It is up to the taxpayer to opt-in/opt-out of tax audit on Quicko. Below are the steps for the same
Can i voluntarily declare my profit greater than 6% so as to escape tax audit.
Hi,
I have trading losses from multiple brokers to carry forward plus salary income, I need to file tax with possible auditing.
I enquired about the same, I plan to import multiple trading reports, add form 16 and request for audit before filing. I was told that with Pro plan I cannot ask for audit and was asked to get meet plan. Why I cannot do it in Pro plan since I can readily import through broker integration and add my form 16 and ask for auditing.
Can you confirm whether its possible to do audit with Pro plan or not?
thanks
dattanand
Hey @datta
We don’t offer tax audit as a service. Our experts will review your ITR over MEET after which we can get your books of accounts audited by our empanelled CAs.
Hi,
I’ve a very small two digits intraday turnover(unintentionally bought and sold shares on same day, actually supposed to be delivery trades).
When I import data from zerodha, it shows 40 Rs in turnover and profit and around 300 Rs in expenses.
and due to this, Quicko suggests I need to have an audit.
I can’t move the trades to capital gains, or removing that business also removes all capital gains imported via zerodha.
Not sure how the 300 rs expense quicko is arriving at.
Can someone guide me?
Can I get Tax audit service?
Hi, I would like to present a case.
• Total income (including gift from parents and
educational scholarship) > 2.5L
• Without gift and scholarship,
total income < 2.5L
• Has STCG
• Has Intraday Loss (-40)
• Intraday Turn Over = 40
Question:
- Is audit mandetory if not willing to carry forward loss?
- When they say that the basic exemption limit is 2.5 Lac, does it refer to “Total Income” (which may include gift from parents and educational scholarship) or only the “Taxable Income”?
Hi, I have a short question; In the 6% of turnover calculation for audit applicability, is the Net profit just the trading profit (difference between sell and buy prices) OR is it the trading profit less deductible expenses? I am asking since I seem to have turnover of 5L, trading profits (sell-buy) of 35K, and deductibles (brokerage, STT etc.) of 15K.
Appreciate it if you help a newbie out
Hi
FY 2021-22 is my 1st year in trading. Before that only salary.
Non-Speculative turnover is 91L loss 60k
Speculative turnover is 5L loss 1L
Capital Gains 5k
Above for F&O,intraday equity and STCG only
Is tax audit applicable?
Thank You.
so this option is in Quicko but is there something like opt out from tax audit in Income tax portal? or its mandatory (because quicko is saying its aplicable in my case)
I have F&O turnover of about 60L and a loss of -14,000, taxable income is more than 3L. Can I skip audit if I don’t wish to declare and carry forward losses?
Hey @Laxmi_Navlani , can you please help here?
Hi
FY 2021-22 is my 1st year in trading. Before that only salary.
Non-Speculative turnover is 91L loss 60k
Speculative turnover is 5L loss 1L
Capital Gains 5k
Above for F&O,intraday equity and STCG only
Is tax audit applicable?
Thank You.
I have F&O turnover of about 60L and a loss of -14,000, taxable income is more than 3L. Can I skip audit if I don’t wish to declare and carry forward losses?
Hey @A_das @sim, if your turnover is below INR 2 crore, then tax audit under Section 44AB(e) will be applicable if all the below conditions are satisfied:
- Incurred loss or profit is less than 6% of turnover
- Total income is more than basic exemption limit
- Taxpayer has opted out of presumptive taxation scheme in any of the previous 5 financial years
Here’s an article that talks more about Tax audit applicability for traders
Hope this helps
From above its clear audit is applicable, but my question is whether it can be skipped because I am not clubbing loss income with any other income (i.e I am not offsetting the loss anywhere).
I have F&N losses, I have to file ITR3 but Tax audit is applicable. so i want to know the due date to file ITR. and kindly help me with tax audit. how to find CA for tax audit.
please help me
@Nireka @TeamQuicko kindly help me with information.
Hey, the due date to submit tax audit report for FY 2021-22 is 30th September 2022 while the due to file ITR where tax audit is applicable is 31st October 2022.
You can write to us at help@quicko.com and we will get in touch with you regarding your audit requirements.
Hope this helps
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Hi Sreetama, I have raised a support request (request id 20891) for audit, but havent heard anything from Quicko yet on it. Please help.
Thanks