{"id":382944,"date":"2024-07-06T14:52:59","date_gmt":"2024-07-06T09:22:59","guid":{"rendered":"https:\/\/zerodha.com\/z-connect\/?p=382944"},"modified":"2024-07-12T16:52:52","modified_gmt":"2024-07-12T11:22:52","slug":"fy23-24-step-by-step-guide-on-filing-tax-return-for-traders","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/varsity\/fy23-24-step-by-step-guide-on-filing-tax-return-for-traders","title":{"rendered":"FY23-24: Step-by-step guide on filing tax return for traders"},"content":{"rendered":"\n

Filing Income Tax Returns (ITR) can be challenging, especially for stock market traders involved in different segments such as Futures & Options (F&O), intraday trading, and delivery-based trading.<\/p>\n\n\n\n

So here\u2019s a step-by-step guide if you want to file the ITR yourself.<\/p>\n\n\n\n

Step 1:<\/strong> Go to the e-filing portal<\/a> > File ITR > Select assessment year (AY 2024-25) > Select ITR form (ITR-3 for trading income). Note, if you have just capital gains on sale of equity shares and mutual funds, you need to select ITR-2. <\/p>\n\n\n\n

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Step 2:<\/strong> Select the reason for filing the ITR and proceed. If your total income is more than Rs 2.5 lakh, you need to choose ‘Taxable income is more than basic exemption limit.’ This limit is for those choosing the old tax regime. If you choose to file your taxes under the new tax regime, the limit is Rs 3 lakh. <\/p>\n\n\n\n

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Step 3<\/strong>: Now, you\u2019ll have to select the schedules applicable to you. Most of them are selected by default but you might have to add a few more. For example, if you have LTCG from equity shares and mutual funds, go to incomes and add schedule 112A.<\/p>\n\n\n\n

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Step 4:<\/strong> Next, we\u2019ll have to add details in all these schedules.<\/p>\n\n\n\n

First, go to Part A<\/strong>– General Information schedule. Here, fill up your personal details, bank account details and basic information about your filing status like filing due date, tax regime and residential status. You\u2019ll also have the option to declare whether or not you are opting for a tax audit. Check eligibility conditions to maintain books of accounts or audit – here<\/a>.<\/p>\n\n\n\n

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Step 5: For income from F&O<\/strong> (not including intra-day trading income)<\/p>\n\n\n\n

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  1. For taxpayers liable to maintain books of accounts<\/strong><\/li>\n<\/ol>\n\n\n\n