Business & Profession
Fill your Business Balance Sheet
Providing details of your business assets and liabilities is mandatory when filing your Income Tax Returns. Web Mobile Web Steps to Add Sole Proprietorship Income Go to File > Business & Profession > Add Business Select the appropriate Nature of ...
How to Declare Capital Gains as Business Income
If you trade stocks frequently whether delivery-based or intraday in large volumes, and it’s your main source of income, you can choose to report these gains as business income in your Income Tax Return (ITR). Web Mobile Web Steps to Report Capital ...
How to Report Expenses related to Trading?
When you connect an app under Business & Profession, your trading expenses such as brokerage, STT, GST, and more are fetched automatically. Here’s where to find them and how to add additional expenses if needed. Understanding Direct vs. Indirect ...
Import B&P Income from Excel Template
If you’re actively trading in Intraday and Futures & Options (F&O) but your broker isn't integrated with our platform — no worries! You can still report your trades using our structured Excel Template. This allows you to maintain accuracy in your tax ...
Claim Depreciation on Fixed Assets
Claiming depreciation allows businesses to reduce their taxable income by accounting for the gradual reduction in value of fixed assets over time due to wear and tear or obsolescence. Why Claim Depreciation? Depreciation is a non-cash expense that ...
Add Direct and Indirect Expenses for Business
Adding business expenses accurately is essential for reducing your taxable income and ensuring correct profit reporting under the Income from Business & Profession head. What are Direct and Indirect Expenses? Direct Expenses These are costs directly ...
Import Trades & Report Business Income using Investment Apps
If you're trading in Intraday or Futures & Options (F&O), it's important to know that these are treated as business income under the Income Tax Act and must be reported under the Business & Profession (B&P) category. ⚠️ Since Intraday and F&O are ...
Report Presumptive Business Income
If you're a small business owner or professional, the Presumptive Taxation Scheme offers a simplified way to file your taxes. It allows you to declare income as a fixed percentage of your turnover or gross receipts, eliminating the need to maintain ...
Add Income from Sole Proprietorship Business
A sole proprietorship is one of the simplest and most common forms of business. In this structure, the business and the owner are treated as a single entity for tax purposes. If you're earning income through a sole proprietorship, here's how you can ...
Add Income from Intraday and F&O
Intraday and F&O income refers to earnings from trading in stock markets—specifically from intraday trading (buying and selling stocks within the same day) and Futures & Options (F&O) contracts. These are considered speculative (Intraday) or ...