Tax filing for stock traders and mutual fund (MF) investors is not simple. Investors have to report scrip-wise details of long-term capital gains (LTCG) made on sale of equity MFs, equity units in a company or listed shares in a financial year under Schedule 112A and those who dabble in futures and options (F&Os) have to opt for the more complex ITR-3 or ITR-4.
Though getting a consolidated report of all equity transactions from registrar and transfer agents (RTAs) is easy, accurate scrip wise reporting is still a daunting task. But, what if your broker could auto-fill the information into your ITR form? Some leading brokerage firms like Axis Securities, Zerodha and IIFL Securities are doing that by partnering with new-age online tax filing portals.
“The last couple of months have seen a lot of beginners enter trading and they miss out on correctly calculating and reporting F&O income or capital gains and losses in ITR. In Digitax (Axis Securities’ flagship tax filing product powered by Quicko), our system automatically computes gains or losses, fetches the report and uploads it in Quicko’s tax filing portal,” said Vamsi Krishna, head – product and marketing, Axis Securities. IIFL Securities is extending this facility to investors with a demat account with them for free. “Users with demat accounts with multiple brokers will have to subscribe to Quicko’s paid plans,” said Nandkishore Purohit, chief digital officer, IIFL Securities.
Axis Securities’ users who have a demat account with other brokerage firms can also upload external statements in Digitax, said Krishna.
“Investors who have made short-term and long-term capital gains need to pay ₹450 for tax filing with Digitax, while for intra-day and F&O traders the charge is ₹899,” said Krishna.
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