Which ITR to file

I’m a salaried person. My salaried income is 4.5L.
I’m investing in stockmarket since 8 months. I eraned STCG 10k.

  1. Which ITR can I file? ITR-1/2/3/4?
  2. Can I pay income tax for 10k STCG?
  3. If I can pay tax then how much is my tax?

Plz reply.

Hi @Shreeshail, looking at your current situation, I would recommend that you file ITR-2. You can take a look at the below tool which will help you understand in totality as to which ITR you should file. You can also calculate how much tax is due on Quicko for free and pay your taxes. Let me know if you need any further help. :blush:

I am super senior citizen and not liable for advance tax.Last year due to pandemic the last date of submission of ITR was extendecd to beyond 31 July. So I paid the full tax sometime in early September (2020 just befoe submission of ITR… But the tax authorities charged me penalty ( or interst) for not paying before 31 July. Does it mean tax must be paid before 31 July either as actual or estimated even if the date of sunmission is postponed beyond 31 July.

Hey @venkat1926 ,

Self-assessment taxes has to pay on or before filing of ITR for particular fiscal year. A taxpayer does not have to pay it if their actual dues are less than Advance Tax and TDS combine. However, Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax.

Taxes can also be paid by the extended due dates of filing ITR in all cases. Additionally interest liability u/s 234A shall also arise when tax payer files ITR after original due date i.e 31st July, if tax payer’s net tax liability exceeds 100000.

You can refer below article for more insights about income tax payments:

I hope it helps! :slightly_smiling_face:

I have to file ITR3. senior citizen with bank interest main income. stocks,commodity,currency both intraday & stcg.
able to import Zerodha data in to quicko. Iam yet to link IT log in. so quicko not deducting that Iam a senior. giving only 10k deduction. Iam eligible for 50k as my income arounf 5 lakhs is bank fd interest. also I have another broker Finvasia who dont give P&L like zerodha. how to import in to quicko? I want to sign the package as mo tax audit required. Tax turnover including 2 brokerages less than 10 lakhs.

Hi @Skinny_Vegan, we have tied up with top brokerages and have a pipeline of getting more brokerages on board. In case you have multiple brokerage accounts, you can import your trades using our integrations.

If you don’t see your broker integrated with us, you can use the Quicko Tax P&L template to import your trades and can read the steps on how to use the Quicko Tax P&L template here. In case you need help you can book a meet with our Tax Experts and we’ll help you with your taxes.

I have traded in equity and intraday for business turnover 1 lac and had a loss of Rs 4000. Currently, I have a pension income.

I don’t wish to carry forward the loss. Can I file ITR 2 with capital gains and avoid Tax Audit?

Hey @Madhav,

Tax audit is required only if you want to claim and carry forward the loss. You can go ahead and file a tax return with pension income and any other taxable income.

How can I file ITR3 as I am an intraday trader and short term trader, How can I fill my ITR3 as I am not formally working with any company for more than 18 months, also I have a question that can I claim GST as I have created losses in last 2 years, can I claim my brokerage paid also. Please reply in detail.

Hi @shadab,

You can add your Intraday trades as a non-speculative business income and your Short-term trades under the head Captial Gains.

If you are not formally working with a company you can report the income as contractual payments, consultancy, or any other professional income depending on the nature of income under the head “Income from Business and Profession”.

You can file ITR 3 and report your capital gains, business & professional incomes.
You can also use this tool to determine which ITR form is applicable to you:

Yes, you can claim GST as a business expense for your intraday trades. Here are some other expenses you can claim as a trader.

Here’s a thread you can also refer for the discussion around claiming GST credits as a trader

Hope this helps :slight_smile:

@Kaushal_Soni @Nireka
Can you please advise me how to fill in the source of income in the IT portal. I am a stock trader having business income from F&O and intra-day trading.

Hi @Girimon_Vasudevan,

Here’s an article which you will find useful

You can either enter your investing and trading income details manually or use broker integrations to import the trades directly on Quicko to prepare and e-file your ITR instantly.

If a person only earns a maximum of 4k per month freelancing as a student, since the total earnings fall below 2.5 lakh slab, are any taxes to be paid, is the ITR to be filled regardless, also if the ITR has to be filled, this single income from freelancing is to be filled under which section.
Please brief on the above questions.

Hello @Sheirsh_Saxena !

If the income doesn’t exceed the basic exemption limit, you are not liable to file ITR or pay tax. As per Income Tax Laws, ITR must be mandatorily filed if gross total income during the financial year exceeds the basic exemption limit . You are liable to pay tax , if income exceeds the basic exemption limit.

Freelancers can file ITR form 3 or 4. If your annual receipts from professional income is below 50 lakhs, you can avail the benefit of section 44 ADA, you can read more about this from here.

Moreover, It is recommended to file your ITR even if it is not mandatory , because; it is considered as pre-requisite while applying for loans; visas; credit cards, you can claim your refund only when you have filed your ITR, you can carry forward your losses only when the ITR pertaining to the same has been duly filed.

Hope this helps!

Hi Aneesha, so is it fine if a person chooses not to file an ITR, if his total income stays below 2.5 lakh, whether it be freelancing income or salary, agricultural, Capital gains, dividends whatsoever.
Am I correct in my understanding.
Or is there a catch for certain types of income

Yes, it is fine if a person chooses not to file an ITR, if his total income stays below 2.5 lakh, whether it be freelancing income or salary, agricultural, Capital gains, dividends whatsoever. But it is recommended to file ITR because of the above mentioned reasons.

For an Indian resident that worked in 2 different companies in previous FY (while residing in India), one of which was foreign-based, which ITR form has to be filed and where to report both the salaries?

Foreign income specifics
  • Employment category - not freelancing/consulting work
  • Fixed annual salary paid monthly
  • Zero PAYG tax deducted by employer
  • Income below 50L
  • Salary calculation → 8 hrs * 22 days (hourly rate mentioned in payslip)

Is it ITR-1 since there is no foreign tax deducted or ITR-2 since the foreign salary could be reported under schedule FSI and both the salaries can be reported under Schedule S?

Hello @shereena_jose,

Any individual having any income from outside India can not file ITR 1. Also, as you’ve mentioned foreign salary needs to be reported under Schedule FSI. The total salary i.e. from India as well as foreign salary will be reported under Schedule Salary as well.

Hope this helps!

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Thanks @Bharti_Vasvani for your clarification.

Also, I have a doubt as to whether the ITR-2 form has to be filed only for income > 50L? Some reading indicated that the > 50L criteria does not apply to foreign income. I’d appreciate it if you could verify whether the income range matters when it comes to foreign income.

Thank you.

Hello @shereena_jose,

No, ITR-2 can be filed if Net taxable income is < 50 Lakhs.

Income range does not matter in case of foreign income.

Hope it helps!

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