Motilal Oswal 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 Tax liability.
Steps to download Profit and Loss Report from Motilal Oswal
- Go to the Motilal Oswal Website
You can access it here.
- Click on “Login to Trade“
From the Website
- Fill your Client code and password
And then click on “Login to MO Investor.”
- Click on the bot named “Talk to MO genie.”
On the bottom right
- Choose the option “Profit and Loss Statement.”
Once the bot chat box opens up
- The bot will ask you to select an option
You can select whichever Financial Year you wish to view
- Moving ahead, the bot will give you the start date and end date of that Financial Year you selected
Apart from that, the bot will give you an option of “Email” which means that your P&L report will be emailed to your registered Email address.
- Select the preferred “Ledger Statement” option
Choose this from the drop-down list.
- Select the Ledger Statement for the preferred timeline
Pick the time period from the options
- Lastly, after putting in all the details, your P&L Report will be emailed to your registered email address
Finally, you can go to your email and access it
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 applicable for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. This turnover is to determine the applicability of the tax audit and the applicable ITR form. Therefore, Trading Turnover is different from Contract Turnover.
This statement is used to calculate your Tax liability. Therefore, it is needed to file ITR 3.