The tax deadline is just around the corner, and we know the pressure to organize your financial data is real. Trading across various financial instruments can make tax filing a daunting task. But there's good news! At FYERS, we understand this challenge, and we've simplified the process for you with the newly improved FYERS Tax P&L Report. Let us walk you through how this tool can make your tax filing experience smooth and stress-free.
What is the Tax P&L Report?
The Tax P&L (Profit and Loss) Report is your one-stop solution for a comprehensive summary of your annual profits and losses. Whether you’ve traded stocks, futures and options (F&O), mutual funds (MF), currency, or commodities, this report consolidates all your transactions over the financial year. Filing your income tax returns is mandatory, regardless of whether you made a profit or a loss, and the Tax P&L Report helps you comply with these rules effortlessly.
Key Components of the Tax P&L Report
The Tax P&L Report is designed to give you detailed insights into your trading activities. Here’s what you’ll find:
1. Realised P&L:
Net Long Term Capital Gains P&L: See your profits and losses from investments held for more than a year.
Net Short Term Capital Gains P&L: This section covers gains and losses from investments held for less than a year.
Taxable Intraday P&L (Speculative): Detailed info on your intraday trading activities.
Taxable Futures P&L (Non-Speculative): Insights into your futures trading performance.
Taxable Options P&L (Non-Speculative): Summarized profits and losses from options trading.
Turnover Equity: Total turnover from your equity transactions.
Turnover F&O: Total turnover from your futures and options trading.
Realised P&L Trading: Comprehensive summary of all your realized trading profits and losses.
2. Expense Summary:
Turnover Charges: Fees associated with your total turnover.
Securities Transaction Tax (STT): Tax on your securities transactions.
Brokerage: Fees paid to brokers for executing trades.
Clearing Member Charges (CMC): Charges from clearing members.
Commodities Transaction Tax (CTT): Tax on your commodities transactions.
Goods and Services Tax (GST): Indirect tax on goods and services.
SEBI Charges: Fees levied by the Securities and Exchange Board of India.
Stamp Duty: Duty paid on executing financial instruments.
Investor Protection Fund Trust (IPFT): Contributions to the investor protection fund.
3. Tradewise P&L:
Detailed breakdown of profits and losses for each trade across all segments.
User-Friendly Features of the New Tax P&L Report
The new Tax P&L Report is packed with features designed to make your life easier:
P&L and Expense Summary: Get a simplified overview of your annual profits and expenses.
Search Symbol Option: Quickly find specific stock transactions without sifting through all your data.
Filter Options: Filter the report by segment and transaction type to see only the information you need.
Segment-wise Bifurcation: The PDF and CSV reports are segmented to give you a clear view of your trading activities.
How to Download the Tax P&L Report
Downloading your Tax P&L Report is easy. Here’s how you do it:
Visit the FYERS Website:
Go to https://myaccount.fyers.in/.
Once you’re logged in, click on the "Tax P&L."
Select the Financial Year:
Choose the current financial year or the year for which you need the report from the dropdown menu.
Apply Filters (if needed):
Use the filter options to narrow down the data if you need specific segment-wise reports.
Generate and Download the Report:
Click on "Generate Report" to create your Tax P&L Report. Once generated, click on the "Download" tab at the top right of the page to save the report to your device.
Using the Tax P&L Report offers several advantages:
Time-Saving: Consolidate all your trading activities into one comprehensive document, saving you time and effort.
Accurate Report : Get detailed and reliable insights of your profits, losses, and expenses to ensure you file your taxes correctly.
Convenience: Easily search for specific transactions and filter data by segments to find exactly what you need.
Compliance: Stay compliant with tax regulations by having a complete overview of your trading performance.
Let’s Look into Some Scenarios
1. Rahul is a trader who engages in both intraday and long-term equity investments. During tax season, he used to spend countless hours organizing his trades to separate speculative intraday gains from long-term capital gains. With the Tax P&L Report, Rahul can now see a detailed breakdown of his speculative intraday gains and long-term capital gains in one place. This comprehensive view not only saves him time but also ensures he files his taxes accurately.
2. Sindhu trades across multiple segments, including equities and futures & options. Previously, she struggled to compile all her trades into a coherent format for tax filing. But with the Tax P&L Report, Sindhu can now view her realized P&L for each segment separately using the filter option. This segmented view simplifies her tax filing process, helping her stay organized and compliant with tax regulations.
Conclusion
Tax season doesn’t have to be a stressful time. With the enhanced Tax P&L Report, you can simplify your tax filing process and gain a clear understanding of your annual trading performance. Whether you’re dealing with stocks, futures and options, mutual funds, currency, or commodities, the Tax P&L Report provides a comprehensive and user-friendly solution.
Visit https://myaccount.fyers.in today to experience the ease of managing your taxes with the Tax P&L Report. Download our app to access these features on the go, and don't forget to refer your friends and family to FYERS!