Fyers 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:
- Date
- Time
- Script Name
- Purchase price
- Sale price
- Segment
- Quantity, etc.
These details then help determine the Tax liability.
Steps to download Profit and Loss Report from Fyers
Follow these steps to download your Fyers Tax P&L
A tax Audit is compulsory when the turnover exceeds INR 1 crore in a financial year. Tax is also applicable when the turnover exceeds 1 crore and the net profit from FnO trading is less than 6%/8% of the turnover or there is a loss. A tax Audit report can only be filed by a CA. 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. the sum of positive and negative differences. This turnover determines 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 necessary to file ITR 2 or ITR 3.
Hi,
can you share me TAX P&L statement with my Email ID. Share my statement as soon as below email id ganeshbaburangaraj@gmail.com
Hi, you can follow this article to download the Tax P&L Summary from Quicko.