Axis Direct allows you to download your Profit and Loss Report online. It is the same as a Tax P&L report, and it is an essential document to calculate taxes on trading income. Traders have a “Trading Statement” that consists of a list of transactions undertaken by the person in various segments during a specific period. It includes details such as:
- Script Name
- Purchase price
- Sale price
- Quantity, etc.
These details then help determine the Income Tax on Trading.
Steps to download Profit and Loss Report from Axis Direct
Follow these steps to download your Axis Direct Tax P&L
- Login to your Axis Direct trading account
- Click on Portfolio
From your dashboard, under equity and derivatives
- Select Portfolio again
Once the Portfolio site opens
- Select Reports
Choose Capital Gain & Loss Statement
- Select the financial year
- Scroll down and click on Download
Download > XLSX > Download consolidated report
- The statement will be downloaded on your PC
Tax Audit is required when the turnover of a taxpayer exceeds Rs. 1 cr in a particular Financial year. It is also applicable if the net profit from such transactions is less than 6% / 8% of the turnover. Additionally, a tax Audit report can only be filed by a CA.
No. Contract Turnover is the sum of the purchase value and sales value. It is not considered for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the applicable ITR form. Therefore, Trading Turnover is different from Contract Turnover.
To download Ledger from Axis Direct, Go to My reports > Ledger. You can view and download your ledger from there.