Tax filling through Quicko | US Stocks trading details

Income Tax Income from Capital Gains
1

Hey folks,

Could you please guide me as to how to add details for US stocks trading Profit while filling ITR through Quicko? I didn’t find any details here!

Thanks

2

Hi @Siddhartha_Das

Foreign stocks or profits are mandatory to disclose. However, Quicko (DIY) does not support the feature for adding Foreign Stocks & profits as of now.

Below are two alternatives:

  1. Quicko DIY: Prepare the entire ITR on Quicko, download the JSON, and upload it on IT Portal Utility > Add Schedule FSI, and file the ITR using the income tax utility.

  2. Quicko MEET: Book a MEET , where a tax expert from our team can help you add schedule FSI, review the entire ITR, and file taxes for you.

Hope this helps.

3

I have downloaded the JSON. How do i use utility to add FA? Can i add rest of the details using JSON and only FA details using the utility?

4

Hi @Sat_S_Tax

You have to upload this JSON on the IT portal and all the other details are automatically fetched. You just have to enter the details in schedule FA and you can proceed to e-file.

You can also Ask an Expert for any further guidance.

Hope this helps.

5

Ok, so for anyone reading in the future, this is how i was able to fill it:

  1. Quicko does not support filling US stocks data as of now. So fill the rest of the sections on quicko.
  2. Download the JSON.
  3. As far as i could find, you cannot upload this JSON on IT Portal AND then fill Schedule FA. For that we need to download the utility provided by IT Portal.
  4. Go to IT Portal and in offline mode, dowload utility software.
  5. Once dowloaded, run it. It will provide option to upload partially filled JSON. Choose this option and upload JSON from quicko. Then, it will allow you to fill other schedules. Select the relevant ones (Schedule FA, FSI etc.) and fill them.

This is the method i used. If anyone else has a better way, feel free to share.

2 Likes
6

Hi @Sat_S_Tax, if someone sold US-held shares in January 2024, do they need to report gains in this March return? The US tax assessment cycle is from January 2023 to December 2023, right? Please clarify.

7

@Siddhartha_Das filing details of holding of foreign assets and foreign banks in the ITR is mandatory, you can connect to file. You can get support from through WhatsApp otherwise, connect me 9999616874, as quicko is not providing such service in their portal, but it can be done through Income Tax Portal, reach out to me.