Worried about a possible mistake in salary

I worked at a government aided school for only 3 months in the FY 2022-23. My filing used to be done at the school in previous FYs but this year I am doing it myself for the first time with quicko. I earned 65000 (approx. with 19500 with allowances included each month) excluding the 12+12% EPF amount. I left the job for personal reasons. I started trading at the same time and while I am confident about the capital gains and Business income (F&O) filled from Zerodha in Quicko, I am troubled if I should still be specific with allowances and deduction with 16a since the salary and the total income (including some freelance work
and trading etc.) is much less than 2.5 L. I don’t have access to form-16 for those three months and it will be extremely difficult to get that from the school. Can putting 65 k as salary (or additional income for that matter) be a concern for IT notice of any kind?

Hi @Asingh

You can report this income from school under salary manually since you don’t have your form 16.
Here’s how you can Add Income from Salary on Quicko : Help Center and Claim Various Allowances : Help Center.

Even if the income from salary and freelance is less than 2.5 lakhs, but your total income ie, salary, freelance capital gains and FnO is more than 2.5 lakhs, you will have to file a return.

Total income is not more than 2.5 lakhs. I am filing return simply to carry forward the F&O losses as in the ongoing financial year, the income might exceed the exemption and thus the losses can be a relief next year. My question is with salary just 65000 approx, do I need to put the amount in salary or can I put it in the section of other incomes (5th section in quicko where I am putting my freelance amount) because I am worried I might get it wrong without form 16. Also, I received EPF for those three months and thus contributed to pension. The amount is just 3750. Where should I mention that in Quicko?

Hi @Asingh

Recommend you report the amount earned by working in the government school as salary income only as you will also be able to get the standard deduction of ₹50,000.
Here’s how you can Add Income from Salary on Quicko : Help Center on Quicko.
Also, there is an EPF contribution, it is deductible u/s 80C.

What about the freelance income? It is content writing work. In which section should I put it filing itr 3 via quicko?

Hi @Asingh

The income tax form that freelancers and consultants need to fill out and submit is either ITR-3 or ITR-4.
ITR-3 applies to income from business or profession. From AY 2017-18 (FY 2016-17), professional can opt for presumptive taxation and declare 50% of their gross receipts as their income by filing ITR-4.

Here’s a read on Income Tax for Freelancers & Professionals : Guide - Learn by Quicko

Here’s how you can Add Business & Profession Income : Help Center on Quicko.