Groww 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 Tax Profit and Loss Report from Groww
Follow these steps to download your Upstox Tax P&L
- Visit Groww
- Login with your Groww credentials
- Navigate to your Profile icon
Click on Reports
- Navigate to Reports
Under Tax Filing, select the time period and click on Download
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.
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. the sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the appropriate 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 2 or ITR 3.