Quicko for Derivative traders

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  • Official comment
    Team Quicko

    Hey, 

    We completely agree, and one step taken by Finance Minister Nirmala Sitharaman in Budget 2020 was to increase the limit for Tax Audit from 2cr to 5cr in Budget 2020. 

    As rightly said by Nithin (Founder Zerodha), one main reason for non-compliance by traders when filing ITR is this audit requirement which makes the entire process of tax filing a lot more complicated and expensive for a retail trader.

    Hence, more needs to be done to encourage capital market traders.

    Recently, CBDT has partnered with SEBI to curb tax evasion. With access to the trading data, ITD can now keep an eye on tax-evaders by sending out scrutiny notice for non-disclosure of income.
    On the brighter side, the IT Department can pre-fill data of trading transactions in the ITR making tax filing simplified for traders and investors.

     

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