HDFC Securities 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 HDFC Securities
- Log in to your HDFC Securities platform
You can do it from here
- Click on Portfolio
Next, choose Profit and Loss statement
- Select the Financial year, asset type and other necessary filters
Click on Submit
- Click on the PDF button on the top right
Now, your statement downloads
- The PDF will be downloaded on your PC
Finally, this is what it will look like:
Tax Audit is required when the turnover of a taxpayer exceeds Rs. 1 cr in a particular Financial year. Additionally, 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. Hence, 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 HDFC Securities, Go to My reports > Ledger. You can view and download your ledger from there.