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 consists of 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
- Log into your Axis Direct account
You can do it here.
- Select Portfolio
From your dashboard, under equity and derivatives
- Select Portfolio again
Once the Portfolio site opens
- Select Reports
Choose P&L statement
- Select necessary filters
Click on Go
- Scroll down and click on the PDF or Excel button
This is to to download the P&L statement
- The statement will be downloaded on your PC
You can view it from there.
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.