I have been filing tax via Cleartax till last year. This year I was exploring Quicko for the same. On uploading the same set of documents at both the sites , I am getting different tax calculations. Quicko is saying I have a refund due while CT is calling out more tax liability. I am confused. I have tried to cover the tax computation record of both sites but because of different format its not helping much. Any idea how this discrepancy could come ?
My ITR covers - Salary , home loan interest , CG , F&O trades ( not too many)
One difference I have been able to see till now is the difference between the STCG calculation between the two… I did not do any manual entry for this head in either of the site… Quicko would have taken data from Zerodha while in CT I uploaded the P&L sheet from Zerodha…
Hey, I am also analysing the computation that I got from uploading taxpnl from zerodha on Clear tax. And this is my first time filing it and I found that the computation did not counted/considered any expense whatsoever - Expenses being all transaction charges & Brokerage,STT, etc. It just gave the gross profit/loss as the total P & L. Hence, I am confused whether the platform is wrong or it is that expenses are not counted in my case. NOTE : I am trading under Retail account(not under corporate) and a salaried employee. Nireka can u kindly clear the fact that if a salaried employee while filing ITR 3 can claim expenses such as brokerage , STT, transaction charges etc. (Specify the expenses if u want)!
I know its written everywhere that WE can claim expenses but its not clear who is ‘WE’ here. Are everyone included in 'WE" or its just the business account(who have incorporated business entity).
Appreciate that you took time out from your busy schedule to reply! Thank You
The difference of STCG could be of Expenses and corporate actions like buyback, for eg. STT cannot be claimed as COA whereas few expenses from other debits and credits like DP charges can be claimed. In case of Buy back it is not taxable in hands of investor.
Here is an article stating few of the other situation where it might not match.
I am also confused in this as the Capital Gain is showing the total amount of LTCG and STCG without removing the Exemption of 1L from the total gains.
Example -
LTCG - 1.5L
STCG - 1.5L
In the computation sheet under the capital Gains head it is shown as 3L . Ideally it should have taken out the 1 L exemption from the LTCG and taxed on 2.5L as income.
Please help if my understanding is correct or it needs to be entered differently on your Platform ?
Pretty disappointed with your customer service. I had also dropped a mail to them with both computation sheets (CT and Quicko). They haven’t bothered to clarify
The exemption of Rs 1 lakh on LTCG is automatically calculated by Quicko.
You may check your taxable capital gains income after exemption in the Filing tab, navigate to REVIEW > TAX COMPUTATION.
In the table of computation of income, point No. 15 (tax payable at special rate).
Hi Muskan - No it isn’t reflecting and in fact that section is having a much lesser amount and that also is getting added to the tax to be paid amount mentioned under Tax Payable at Special Rate as your formula suggests in point 16 - Tax Payable
(14 + 15).So amount under special rate is not for exemption but is getting added to the tax payable.
You can access the system and see the data I have filled up already in your system.