ITR Filing Apps: Filing tax is not an easy task for traders and people investing in mutual funds. These apps can easily solve the difficult task of those who work in Futures and Options (F&Os).
New Delhi. ITR Filing Apps: Filing tax is not an easy task for traders working in the stock market and investing in mutual funds. They have to prepare script wise report of Long Term Capital Gains (LTCP) for filing ITR. In which stock, how much money was earned and in which mutual fund, all this has to be told in detail.
For Long Term Capital Gain (LTCP) trading done throughout the financial year, information has to be filled as per schedule 112A. Apart from this, people who work in futures and options (F&Os) have to give information in ITR-3 or ITR-4 even more difficult. And believe me, doing this is not an easy task.
Work will be done automatically
While it is easy to get a consolidated report for all equity transactions from Registrars and Transfer Agents (RTAs), it is a tedious task to fill in the exact details of each script. But, what if all the information is automatically filled in the ITR form from your broker side..? Some of the big brokerage firms like Axis Securities, Zerodha and IIFL Securities are doing this. She is able to do this in partnership with New-Age Online Tax Filing Portal.
New trader has trouble
Vamsi Krishna, Product and Marketing Head, Axis Securities, says that a lot of new people have come into the world of trading in the recent past. Since they are just beginning they are not able to calculate and report properly, especially F&O income or capital gains and losses. Digitax (the flagship tax filing product of Axis Securities) automatically calculates the Gains or Losses. After calculating, it extracts the report and uploads it to the tax filing portal of Quicko.
How much do these apps charge
“Investors who have made short-term and long-term capital gains will have to pay ₹450 for tax filing with Digitax, while the charge for intra-day and F&O traders is ₹899,” Krishna said.
IIFL Securities is offering this facility free of cost to investors having demat account. Nandkishore Purohit, Chief Digital Officer, IIFL Securities said, “Users having demat accounts with multiple brokers need to go for paid plans of Quicko.”
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