How to File ITR for Motilal Oswal?

Filing ITR with Motilal Oswal: Understand the steps to file your Income Tax Return (ITR) effectively if you trade through Motilal Oswal. Essential Tool: Tax P&L Report: Utilize Motilal Oswal's detailed Tax P&L Report summarizing all trading activities for accurate tax filing.

Choosing the Correct ITR Form: Select between ITR-2 for capital gains or ITR-3 for business income based on your trading activity nature. Key Dates to Remember: File your ITR by 31st July to avoid penalties, with extensions possible under specific conditions.

Tax Audit Considerations: Assess if your trading turnover mandates a tax audit under Section 44AB of the Income Tax Act. Calculating Trading Turnover: Compute turnover for Equity Intraday, Equity F&O, Commodity Trading, and Currency Trading accurately.

Budget 2020 Amendments: Note the revised turnover threshold affecting tax audit requirements for traders. Example Scenario: Illustrate turnover calculation to determine tax audit applicability under current regulations.