Loved curated product journey. Right information every step of the way. Keep it up team.
It was truly great experience with you guys. You have made a hassle free platform for traders. All the best.
Awesome work @HowToQuicko. Thank you for thinking about traders needs.
Loved UI/UX. I trade full time & used Quicko to file my ITR. Would love to see other Brokers integrated.
I was able to file taxes for Intraday and F&O trades by myself. Adios CA!!!
Just filed my ITR using @HowToQuicko. Finally a tax platform geared towrds traders.
How do I calculate Trading Turnover for Intraday Trading and F&O Trading?
Trading Turnover should be calculated to determine the applicability of Tax Audit as per Income Tax Act. Absolute Turnover is the sum of the absolute value of profit and loss of each trade during the financial year.
Trading Turnover for Intraday Trading = Absolute Turnover
Trading Turnover for F&O Trading Futures = Absolute Turnover Options = Absolute Turnover + Premium on Sale of Options
When is tax audit applicable to a Trader?
Tax Audit is applicable in the following situations:
Trading Turnover exceeds Rs. 2 Cr
Trading Turnover is up to Rs. 2 Cr and trader has incurred loss
Trading Turnover is up to Rs. 2 Cr and trader has profits less than 6% of Trading Turnover
Trading Turnover is between Rs. 1 Cr and Rs. 2 Cr, profits are more than or equal to 6% and the trader has not opted for Presumptive Taxation u/s 44AD
What is the Penalty for not maintaining books of accounts as per Section 44AA?
If the trader does not maintain accounting records as per Section 44AA, the AO may levy a penalty of up to Rs.25,000. However, if the trader has a reasonable cause to not maintain books of accounts, the AO may not levy the penalty.
What is the due date to file ITR in the case of a Tax Audit?
If Tax Audit is applicable, the due date to file Income Tax Return is 30th September. However, under Budget 2020, the due date to file ITR in case of Tax Audit FY 2020-21 onwards has been amended to 31st October. ITR should be filed only once the Chartered Accountant files the Tax Audit Report (Form 3CB-3CD).
Can I claim my trading loss in the ITR without going for Tax Audit?
In the case of a loss from trading income, Tax Audit as per the Income Tax Act is applicable. If the ITR is filed without Tax Audit, the Income Tax Department may issue a Defective Return Notice under Sec 139(9) and the Assessing Officer may also impose a penalty.