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

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

 

Team Zerodha

India's largest retail brokerage

50 comments

  1. Chakradhara Rao.E says:

    Regading tax filing query which telephone no i can contact

  2. MADIREDDY CHINNA ANKIREDDY says:

    Great work , keep it up team zerodha.

  3. 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 .

  4. Shwetabh says:

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

  5. rats says:

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

  6. M NAVEENKUMAR says:

    Plzz return my all tax

  7. Sachin says:

    How to check my income tex how

  8. 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……

  9. Karan says:

    Please explain in easy and short

  10. Rajendra says:

    Please share a video on the same, if you have

  11. Nikhil says:

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

  12. Tapan says:

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

    Ph- 9840660519

  13. Anandgouda S. Patil says:

    Treding I Made Huge Loss in My Zerodha Treding Ap.

  14. Ramdas veer says:

    Nice work

  15. 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.

  16. 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 🙂

  17. 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.

  18. Rajiv says:

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

  19. 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

  20. Prashant says:

    What is the tax audit charge

  21. Parasmal Jain says:

    I wish to file income Tax return

  22. 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.

  23. Jerome Dsouza says:

    Hpw I know that my account is taxable or not ,

  24. Nanaso Andhale says:

    How I know my account is taxable or not

  25. 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.

  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. 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.

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