I had a query about which expenses can be deducted as per my Zerodha tax P&L.
I had only one trade as shown below. In one section, it shows all the charges but in the trade section, it shows all expenses as 0.
Quicko does not automatically include any expenses when I import my Zerodha Tax P&L.
This was a short-term delivery trade (not intraday). Can expenses be claimed for delivery trades also?
Hi @heisenberg,
You cannot claim STT for your capital gains transactions.
Apart from STT amount, we are working to solve the same. In the meantime, you can add them manually. Below are the steps for the same
Here an article to help you understand more on the expenses a trader can claim
I unable to do E - File ITR 3 . Message is showing “Pls review and fix following issues”. But I have fix all the issue. But issue is persist.
I saw that, actually there is difference in total of PL_summary and what quicko shows.
And angel PL is gross income(including expense), so it already has more what actually should show.
Hey,
You can go to accounts.quicko.com and login through Angel Broking and visualise your Tax P&L. You can also understand how the calculations in Angel Broking is done here: Understanding Angel One Tax P&L Report - Blog by Quicko
Please help me to file ITR for A.Y. 2021-22 from data importing Angle broking and other income…
Hey @JAYMODI, please share your contact details with us at help@quicko.com and someone from our team will get in touch with you.
Sir,
How soon can we expect Quicko to introduce a IT Filing platform, which will help in tax calculation for Derivatives trading.
After all regardless of the broker, the PAN Card number is the same.
If you can provide a way by which Income tax department provides u with the permission to calculate the derivative profit and loss on quarterly basis, and notify every single PAN Card holder, would it not make it easier for people to file returns.
Also, what is ur view about the 5 crore limit for Presumptive Tax. Is this justified for Derivative traders, who normally trade 1-2 crores per day. Such people would never get the benefit of SEc 44AD/ADA.
When Income tax department sends noticed based on the size of turnover v/s size of file, is this not incorrect. After all, the definition of Turnover in the physical sense and the derivative sense are completely different.
Your thoughts please…
Hey,
We completely agree, and one step taken by Finance Minister Nirmala Sitharaman in Budget 2020 was to increase the limit for Tax Audit from 2cr to 5cr in Budget 2020.
As rightly said by Nithin (Founder Zerodha), one main reason for non-compliance by traders when filing ITR is this audit requirement which makes the entire process of tax filing a lot more complicated and expensive for a retail trader.
Hence, more needs to be done to encourage capital market traders.
Recently, CBDT has partnered with SEBI to curb tax evasion. With access to the trading data, ITD can now keep an eye on tax-evaders by sending out scrutiny notice for non-disclosure of income.
On the brighter side, the IT Department can pre-fill data of trading transactions in the ITR making tax filing simplified for traders and investors.
Hey folks, we have specifically created this thread to respond to any queries you have regarding importing your trading data from CAMS! Meanwhile, you can check out our support content on how you can import your trade data using Quicko’s Tax P&L Template:
Hi ,
Is there any support for uploading the CAMS Capital Gains xls directly in to QUICKO?
or when do you folks plan to release such feature?
Hey @Abdul_Raquib, we are currently working on such features and plan to release them in the near future. You can sign up at Quicko to receive updates related to the product.
https://accounts.quicko.com/individuals/login
You can also follow us on twitter to receive updates:
https://twitter.com/HowToQuicko?ref_src=twsrc^google|twcamp^serp|twgr^author
In the Capital gains statement in Excel format downloaded by me from CAMS, STT has not been levied on certain redemptions.
For example, STT has been levied on redemption in HDFC Flexi Cap Fund - Direct Plan - Growth Option, ISIN : INF179K01UT0 made on May 22nd, June 19th 2020 and July 28th 2020 but NOT levied on redemption made on July 15th and 20th.
What is the reason for this and how to treat such redemptions?
Also, do I need to disclose mutual fund redemptions in Schedule 112A transaction-wise or will a scheme-level disclosure be sufficient?
Hello @vivek25,
Redemption of mutual funds is treated as sale of capital asset and therefore, capital gains arises. Since HDFC Flexi Cap Fund - Direct Plan - Growth Option is an Equity Mutual Fund, redemption of units held for more than 12 months would be treated as LTCG & held for less than 12 months would be treated as STCG in the ITR. Transfer expenses other than STT can be claimed against the income.
You can read more about tax on equity mutual funds here - Tax on Mutual Funds in India - Learn by Quicko
If equity mutual funds were bought after 31.01.18, you can report aggregate data under Section 112A. However, if the equity mutual funds were bought upto 31.01.18, you must report individual trades under Section 112A for accurate calculation of LTCG based on the grandfathering rule. You can read more about it here - Long Term Capital Gain Tax on Shares Section 112A - Learn by Quicko
