ClearTax to advise stock traders on IT return filing

Online tax filing portal ClearTax today said it has launched a service to advise stock market traders for filing of income tax returns and bookkeeping over phone and emails.
"Through its tech-enabled self e-filing platform, ClearTax allows the stock and F&O community to avail services such as bookkeeping, tax-saving, tax return preparation and filing and CA support over phone and email," the firm said in a statement.
The last date for filing of income tax returns for businesses, stock market and F&O traders is October 17.
ClearTax's latest offering is aimed at eliminating gaps pertaining to the ITR filing process for the trading community.

"Several traders are unaware that they are required to file their income tax returns, even if they have incurred losses. These losses come with tax benefits and can help in reducing the taxable income. Moreover, losses may not be allowed to be carried forward if not reported by the due date, while penalties may also apply when accounting records are not audited," it said.
ClearTax.Com Founder & CEO Archit Gupta said Income tax returns of stock traders are different from other salaried professionals as they have to file ITR-4 instead of ITR-1, 2, or 2A to qualify income from stocks as business income.

Close to 10,000 traders have already filed their income tax returns through ClearTax, the company claimed.