Upstox 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 income tax 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 Tax Profit and Loss report from Upstox
- Visit Upstox platform
Using the link inserted here
- Log in with your user id and your password
Your password will be your PAN in caps lock if you are logging in for the first time.
- Go to Bill > Profit/Loss
After logging into the Dashboard
- Set the relevant filters
Click on GO. Then click on Export to Excel.
- Your P&L statement will be downloaded to your PC
You can access 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 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.