Hi
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 
@Kaushal_Soni @Nireka
Hi
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.
Thanks
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.
Hi,
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!
1 Like
Hi @Bharti_Vasvani,
I would like to have a few more queries addressed regarding ITR-2 filing. Please refer my initial post to view the foreign income specifics.
Schedule FSI related:
- For remote work from India, should passport number be provided for TIN (though work was not exercised from the foreign country)?
- Should Tax payable on such income under normal provisions in India be filled after/before the rebate u/s 87A is applied?
- For Relevant article of DTAA if relief claimed u/s 90 or 90A, is it Article 15 of DTAA u/s 90 for Australia, when it comes to salary income? Must this be filled ONLY IF relief is claimed?
Source: https://www.incometaxindia.gov.in/Pages/international-taxation/dtaa.aspx - Must Form 67 be filed even if no foreign tax credit is claimed?
General:
- Is Professional Tax [section 16 (iii)] payable on foreign income? Also, is PF contribution compulsory on foreign income?
- Should Schedule FA (G) be filled as a condition reads ‘income from any source outside India’?
- Is there any form like AIS or 26AS which shows the actual foreign income credited? When there is a discrepancy between the salary shown in the payslip and that which is credited to the bank account (decimal round off made), the latter is the actual salary to be reported right?
- Does Australia’s FY i.e. Jul 1 to Jun 30 have any effect on how foreign income is reported in the ITR?
Thank you!
Hi @shereena_jose, the taxability of foreign assets differs from country to country based on India’s DTAA agreement. If you can share your contact information on this link, so that someone from our team can get in touch with you to help you understand the plan, process, pricing and discount.
Thanks @Yash_Kaviya for your reply.
I do not own any foreign assets, only that I earned a salary income from Australia while working remotely from India. My question was whether this income should be reported under Schedule FA (G) as well.
As I would be filing the return myself as usual, if any query could be addressed, that would be great!
Thank you.
Dear Sir/Madam,
Could you please help in the below case -
- Non Salaried Person
- Income from STCG (Equity shares) - 180000
- Income from LTCG (Equity Shares) - 37000
- Loss from Options trading - (-140000)
which ITR form would be suitable for my case ?
Can income from STCG & LTCG can be adjusted aginst loss from option trading ?
Please advise.
Regards
Priyanka