Steps to File ITR for ICICI Direct

Obtain Tax P&L Report: Download the Tax P&L Report from ICICI Direct. This report summarizes all trading transactions made during the financial year. Choose the Correct ITR Form: Determine the appropriate ITR form based on your income from trading: ITR-2: If your income from trading is classified under capital gains (e.g., from sale of stocks, mutual funds). ITR-3: If your trading income is categorized as business income (e.g., frequent and substantial trading activity).

Compile Income Details: Declare all sources of income including trading profits and any other income earned during the financial year. Compute and Pay Taxes: Calculate the taxes owed based on your total income and applicable tax rates.

Claim TDS Credits: Claim credit for Tax Deducted at Source (TDS) on your income, if applicable. Request Refunds (if applicable): If you have overpaid taxes through TDS or advance tax payments, request a refund.

Due Dates for Filing: Individuals not subject to audit must file by July 31st of the Assessment Year. For auditable entities and companies, the due date is September 30th. Tax Audit Applicability: Determine if your trading turnover exceeds Rs. 1 crore. If it does and certain conditions are met (cash payments and receipts do not exceed 5% of total), the turnover limit increases to Rs. 5 crore for avoiding a mandatory tax audit.