How to easily file your taxes when trading at Zerodha with Quicko

November 20, 2020

It’s that time of the year when all of us have to sit down and plan our income tax returns. The last date to file your income tax returns for FY 2019-20 is December 31st, 2020, and traders need to file their Income Tax Returns (ITR) on time. Here’s why: the income tax department has signed MoUs with SEBI and various other agencies. With this, the taxman will be able to get data on all the trades you’ve executed during the year. So, any discrepancy or non-reporting of income from trading and investing can be scrutinised and you may receive notices for it. ITR must be filed by all irrespective of whether you’re profitable or not. Many of you would definitely have queries regarding taxation while trading and investing and would need assistance in filing taxes in a simple and cost-effective manner.

Through the Markets & Taxation module on Varsity, we’ve tried to make all aspects of taxation simple along with answering thousands of queries that traders have while filing their ITR. On Console, our reporting and analytics platform, we provide the industry’s most comprehensive tax P&L statement including adjustments for the latest income tax provisions and corporate actions. We’ve also partnered with Quicko, an online tax planning, preparation, and filing platform to simplify tax filing for all. The team from Quicko has recorded a webinar covering everything on how to file your taxes through their platform using your Zerodha tax P&L. The webinar also covers treatment of income earned under different income heads, tax audit applicability, tax rates, and much more. Check out the webinar below:

In this webinar Vishvajit Sonagara (founder at Quicko) introduces Quicko and walks you through the process to File your ITR with Trading Income.
Directly import your mutual fund, equity, intraday and F&O trades using your Zerodha Kite login, and file Income tax with Capital Gains and Business Income from Trading.

Check out how simple taxes can be. Learn about:

  1. How to Import all your mutual fund, equity, intraday and F&O trades from your Zerodha Tax PNL to report Capital Gains and Business Income from Trading?
  2. How is your Capital Gains income taxed?
  3. What is Speculative and Non-Speculative Business income?
  4. How to report and treat current year and brought forward losses?
  5. How to claim tax credits (including TDS & Advance Tax)?
  6. How is the Balance Sheet and Profit and Loss Statement created?
  7. What is the Applicability of Tax Audit?
  8. Frequently Asked Questions by Traders and Investors

 

Here are all the reads mentioned in the video:

  1. Different Methods to e-verify ITR
  2. Tax Audit under Section 44AB of Income Tax Act
  3. Section 112A – Tradewise details of LTCG
  4. Process to Link PAN with Aadhaar
  5. Check PAN Aadhaar Link Status
  6. Income Tax Return Filing Due Dates
  7. Things to keep in mind: Zerodha Tax PNL Report

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Got Questions? Shoot them on TradingQnA

Need help? Ping them on [email protected] or visit zerodha.quicko.com

 

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83 comments
  1. Jagadish says:

    How to add agricultural income in this.

  2. Bharat Choudhary says:

    I want to know tax for my 2021-22 q3

  3. Gnaneshwar Kakde says:

    Do they have a web version?

  4. velan says:

    Hi,
    my profit for this year is 85K. which ITR form do i need to use for filling.

  5. Arul says:

    I prepared the complete return on Quicko. But, there was no option to file it stating “It will be available soon”. Is it available now? If not, is there any other option to upload the return to income tax web site with all the transactions (picked up from zerodha)?

  6. Dyuti says:

    Hi,

    What about C/G statement from CAMS? I have made several SIPs directly, and can only provide C/G statement from CAMS.

    When can we expect this integration with CAMS to take place? Hope it comes before our next filing for the FY 2021-2022.

    Thanks

  7. Mohan says:

    Whether Zerodha deduct TDS automatically?
    I am filing income tax return using govt itax portal. In that case should I include profit/loss while filing income tax ? I am not using the QUICKO.

  8. Rupesh kumar says:

    ITR filling charge for Zerodha customer

  9. RUPA BHATTACHARY says:

    Good evening sir,
    I filed ITR 3 for AY 2020-21 to carry forward loss of Rs.637000.00 (Short term).
    This year I made a profit of Rs.127000.00(short term).
    Please advise me which ITR form should I fill this year.

  10. Abdul says:

    Hello, i am student and I use zerodha. i have made short term capital gain of 60000. I have many doubts 1) zerodha deducts various taxes for any transaction. So do i have to pay by myself any tax due or my responsibility is just to file itr. 2) I tried using quicko, it is very nice and it imported all my data from zerodha. I submited my details and clicked the submit itr button 2 weeks back But still it is showing the itr returns have not been filed. Status is showing pending. What should i do.

  11. Virendra Kumar yadav says:

    Dear sir,
    Mujhe apna income tax return file karna hai.isliye 1april 2020 se 31 March 2021 ka long term capital gain chart v Short term capital gain chart mere mail person bhej de.plz

  12. Santhosh Shankar says:

    Hi
    Assuming Quicko helps me with Equity, FNO returns filing,
    how do I finally integrate my 1. Salary 2. Sale of Asset into the ITR
    Can Quicko help with that also ?

    • Team Quicko says:

      Hi Santosh, You can directly upload your Form 16 to add your salary income. In case TDS is deducted on the sale of an asset – it will be reflected in your Form 26AS and add it in your ITR by uploading your Form 26AS on Quicko.

  13. Mir Asif Ali Khan says:

    Hi,
    I am NRO non PIS account holder in Zerodha. Zerodha has blocked Provisional TDS of 17.94% on Equity Delivery Sell Transcation.

    Does this TDS of 17.94% apply everytime I sell equity delivery.

    How to claim it back from Zerodha.
    What is the time period to.claim it back from the date of TDS blocked.

  14. SHELMI VARGHESE says:

    i want to file tax return for the financial year ended 31.03.21. can you please call me.
    my phone no. 6282661378
    shelmi varghese

  15. ZAFAR says:

    Hi Team,

    During financial year 2019-2020, i made some losses in investment( equities-CNC) which was considered during IT filing i.e. carried forward to this year. While filing IT return of financial year 2021-21 via QUICKO , how i can adjust this loss, which was carried forward from last year.
    Will appreciate your swift response.
    Regards

    • Team Quicko says:

      Hi Zafar, you can show the losses declared in the previous year’s ITR under bought forward losses to set them off against losses in the current assessment year.

  16. Hnr says:

    Hi,
    I have made loss in FnO trading and the turnover is around 40 Lacs. Since profit is less than 6% of turnover, i think the audit is required, But i don’t want to carry forward the losses to avoid tax audit as i don’t know the process and charges for it. In this case, is it ok if i file my trading profit as more than 6% of turnover and pay the applicable tax on that? Will the ITDep still mark my return for scrutiny even though i pay the tax for shown profit? Please suggest? If i need to have tax audit then what are the charges?

    • Team Quicko says:

      Hi, It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership. If your total income is below the basic exemption limit, you won’t have any tax liability. You can claim expenses directly related to your business income when filing your ITR.

  17. MANJUNATH PUJERI says:

    good work, Thank You team Zerodha.

  18. MANJUNATH PUJERI says:

    Great work, keep it up team Zerodha.

  19. John says:

    comment

  20. bipranil says:

    I am a student 19years old.
    I do intraday trade and long term(CNC) as well. My income is less than 1lakh a year.
    so, should I file tax, and is there a way I get some of the charges (that were deducted during selling) back??

    • Team Quicko says:

      Hi, It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership. If your total income is below the basic exemption limit, you won’t have any tax liability. You can claim expenses directly related to your business income when filing your ITR.

  21. Steve says:

    Do I only need to pay taxes on profit I made,or the entire amount in my zerodha account

    • Team Quicko says:

      Hi Steve, you need to pay income tax on the income earned from your trading eg: capital gains and/or business income from trading. In case there are any losses you can report them in your ITR and carry them forward.

  22. Meiazahan says:

    I have a indvidual and HUF account with Zerodha. But would like to file only HUF. When I try to use Quicko its not accepting HUF Pan (Getting Error as “Invalid PAN”). I just typed in my Individual PAN in the place HUF Pan, Quicko immediately accepted (which is wrong). Really surprised, how come quicko accepting wrong PAN details in the place actual one(HUF). Also now, I am unable to edit the wrong PAN in Quicko (it should be HUF not Individual). It would be helpful if you help on this. Please reach out to me on +91-9886751601 and help/guide me to file ITR.

    This is really good initiative for small trades like us to complete Tax Filing. Hope my issues will be sorted out to file ITR for last FY.

  23. Kaush says:

    I have logged in Quicko from zerodha to file ITR 2 (Capital gain + Form 16). My capital gain is automatically imported from Zerodha but its not showing in computation sheet and ITR type is showing as 1 instead of ITR 2. Can you pls help here

    • Team Quicko says:

      Hi Kaush,

      We get this query quite frequently, a lot of taxpayers usually get confused between capital gains in the current financial year (FY 2020-21) and the previous financial year (FY 2019-20), for which you have to file your ITR this assessment year (AY 2020-21). 🙂

  24. Saikiran says:

    I traded a lot in options(i mean more buy and sell) and lost close to 7 lakhs.. Sometimes i made profits between 20k-40k.. But overall i lost 7 lakhs.. Now for profit gained trade should i pay tax.. Or tax is calculated for entire account year’s net profit??
    Please help me know about this

  25. Akshay says:

    Hi Team, hope you are all well. I’m an employed person and I have form 16 but along with this, I invested some amount in equities and I hold some shares for more than 365 days and some are shorter to 365 days. So, I don’t have any P&L yet as I haven’t sell a single share. In this case, do I have to fill ITR? If yes, should I fill ITR-2 ? How should I show my equities as I don’t have any P&L neither in LTCG nor in STCG. Please do the needful.

    • Quicko says:

      Hey Akshay,
      Capital gains arise when there is sale of equity shares and mutual funds. If you have not sold shares during FY 19-20, you do not need to report your capital gains. Since you are a salaried individual and have Form 16, you need to file ITR1.

  26. Sukh says:

    I have 23lakh loss in 2019-20
    Turnover 1.9 crore .
    Should I need adit file itr or not ??
    How much fee charges zerodha CA for fill ITR ??

  27. Ravisha Gupta says:

    Hello Team Zerodha ,
    I started Trading this year and not yet invested more than total 1300- 1400Rs.
    yes cause I am a learner not earner yet but soon will be .
    So here’s my question how do I file Taxes for this year
    waiting for your helpful response your new zerodha user 🙂

    Thanks
    Regards
    R.Gupta

    • Quicko says:

      Hey,
      It is advisable to report all your trades while filing your return. Since you are a Zerodha trader, you can import investments on Quicko using your Kite credentials to see your tax treatment on capital gains and business income and prepare your return on Quicko.

  28. Nanaso Andhale says:

    How I know my account is taxable or not

  29. Jerome Dsouza says:

    Hpw I know that my account is taxable or not ,

  30. Suyambu says:

    Hi

    In the above video, you started with DIY (Do it Yourself) option, but when i go to this link, i only see DIY for ITR-1, could you send me the link for ITR-3 DIY option.
    trader.quicko.com/tax-pnl/#/itr?referrer=ZERODHA

    • Quicko says:

      Hey,
      The link shared is common for all types of ITR to file. Based on your income situation, our tax engines compute the type of ITR you need to file.

  31. Parasmal Jain says:

    I wish to file income Tax return

  32. Prashant says:

    What is the tax audit charge

  33. NB says:

    pls do not show such stupid notification during the trading time , it blocks the command optiion . it appears on command bars resultant which we unable to see command button.. at leat option of cross

  34. Rajiv says:

    Hi Zerodha,
    Great initiative.
    I am glad I choose Zerodha for my trading needs.

  35. R H Jagtap says:

    Hi,
    I want to know capital gain tax on my mutual fund withdrawals for return filling purpose. Can you help me.
    My Contact number 9225528553.

  36. Manoj Basak says:

    Sir I lose my money in intraday.. no income in Swing or long term investment…my gross salary 6 lakh this year ..how to fill income tax..pf +lic+Sukanya+health insurance=150000..sir please reply

    • Team Quicko says:

      Hi Manoj,
      You should report your losses to carry them forward and set off against future incomes, add the breakdown of your salary which will be taxed at the applicable slab rate and claim all deductions when filing your ITR. You can check out the webinar above on how to file ITR 🙂

  37. Bharath Kumar says:

    I have to tax for my trading?

    • Nakul says:

      Yup, income from trading and investing has to be reported and taxes must be filed on the gains. You can go through the Markets & Taxation module on Varsity to understand all aspects of taxation when trading in the markets.

    • Team Quicko says:

      Hi Bharath,
      It is always a good practice to file your ITR even if you have profit/losses from your trading activity and reduce the chances of getting a notice from the Income Tax Department.

  38. Ramdas veer says:

    Nice work

  39. Anandgouda S. Patil says:

    Treding I Made Huge Loss in My Zerodha Treding Ap.

  40. Tapan says:

    Hi,
    I want to submit my returns, can you help me?

    Ph- 9840660519

  41. Nikhil says:

    Can I file ITR2 with this integration? Zerodha PnL and Form16 together?

  42. Rajendra says:

    Please share a video on the same, if you have

  43. Karan says:

    Please explain in easy and short

  44. N P Singh says:

    Is it chargeable or not?
    If chargeable then what are charged w. R. T ITR forms.

    Like for itr1 Rs…….
    For ITR-2 Rs……

  45. Sachin says:

    How to check my income tex how

  46. M NAVEENKUMAR says:

    Plzz return my all tax

  47. rats says:

    Zerodha in its own league with this product .. appreciate all your efforts and waiting for IPO 🙂

  48. Shwetabh says:

    Is it charge ke service if yes how much and is it only for zerodha registered customers ?

  49. Vijay Misra says:

    Zerodha should start it’s own paid tax filing service for investors this is not only going to help investors in filling correct capital gains but also zerodha .

    • Nakul says:

      Hey! We’ve partnered with Quicko via our Rainmatter initiative. This is with the intention of helping traders with their taxes. Read more here.

  50. MADIREDDY CHINNA ANKIREDDY says:

    Great work , keep it up team zerodha.

  51. Chakradhara Rao.E says:

    Regading tax filing query which telephone no i can contact