File Income Tax Returns with Zerodha Capital Gain Statement & Profit/Loss Statement!

Zerodha is a brokerage firm and a renowned trading platform based in Bangalore. It is known as India’s first discount broker. The trading platform is registered with SEBI or the Securities and Exchange Board of India, and is a member of the National and Bombay Stock Exchanges. It lets its users automatically download the generated  Zerodha capital profit and loss statement for filing Income Tax Returns. However, viewing or downloading Zerodha’s profit and loss statement can be perplexing. The article will cover the procedure of downloading the P&L statement and capital gain statement Zerodha and uploading it for filing Income Tax Returns online.

What is Zerodha Capital Gains and Profit and Loss Statement?

Zerodha is a stock broking portal that lets you trade in equity, mutual funds, and derivatives. Zerodha capital profit and loss statement is a consolidated statement of all transactions related to trading that its users perform in a year. As a user of Zerodha, you can use the profit and loss statement to ascertain which Income Tax Returns to file and understand the applicability of tax audits. You can also download the capital gain statement Zerodha from its official portal and utilise it in Zerodha Income Tax Return filing.

How To Download Zerodha P&L or Capital Gains Statement?

The steps to download Zerodha capital profit and loss statement or capital gains statement Zerodha are as follows:-

  • Visit the official Zerodha Console portal.
  • Click the Login with Kite option.
  • You can enter your user details and password and log in.
  • Select the Reports option in the navigation bar on the homepage.
  • A drop-down menu will emerge. Select the Tax Profit and Loss option from the drop-down list.
  • Choose the fiscal year and the particular period for which you wish to download the statement.
  • You can see the reports that Zerodha offers on the next web page and download the report you want.
  • An Excel sheet will be automatically downloaded on your PC.
  • The tax profit and loss will appear. Select the download trade-wise profit and loss reports for all sectors to download the Zerodha capital profit and loss statement or capital gain statement Zerodha.
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Ways to Upload Zerodha P&L Statement For ITR Filing Online

The ways to upload Zerodha capital  P&L statement and capital gain statement Zerodha for ITR filing online are as follows:-

  • After downloading the profit and loss statement, you can visit the official portal from where you will file your Income Tax Returns.
  • Sign in or log in to the website and navigate to the Income Sources section.
  • Select the Add Details option under Capital Gain Income.
  • A drop-down menu will emerge where you will find a list of many brokers. Click Zerodha from the broker list.
  • Select the Browse Files option.
  • Upload the Zerodha capital profit and loss statement and capital gain statement Zerodha downloaded from the Zerodha Console portal. The website from where you are filing your Income Tax Returns will read the details and import the information for ITR filing.

Applicable Income Tax Return Form for Zerodha Traders

As a trader on the Zerodha platform, you should file your Income Tax Returns each year at a financial year’s end. The Income Tax Law mentions numerous Income Tax Return forms that you must select depending on your type of income. You have to support your income, calculate taxes and deductions, claim tax deducted at the source credit and apply for a tax refund. 

Let’s understand it with the help of an example. Suppose you earn income from trading shares, commodities, derivatives, etc. In that case, you should file Income Tax Returns 2 or 3. The type of Income Tax Return applicable to you is based on your income’s nature. For instance, if your earned income from trading is capital gains, you should file Income Tax Returns 2, and if your earned income from trading is considered business revenue, you should file Income Tax Returns 3.

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You can do stock and commodity trading with the help of the Zerodha platform. The procedure of downloading Zerodha capital profit and loss statement and reporting and filing the same for tax returns needs to be clarified. Nevertheless, following the simple steps specified above, you can download your profit and loss statement for Zerodha within a few minutes and file your ITR online. You can file your Income Tax Returns now, and it takes taxes off your mind. With multiple transactions occurring daily, tracking them can be challenging. Zerodha also offers its users capital gain statement Zerodha to help you file your Income Tax Returns.

Frequently Asked Questions (FAQs)

1. How much tax does Zerodha subtract?

If you are a trader using Zerodha for trading, you have to pay securities transaction tax for buying and selling the securities listed on the stock exchange. 0.025% is charged for selling, 0.1% for buying and selling, and 0.125% for the elemental value of bought options.

2. What do realised and unrealised profits in Zerodha refer to?

Unrealised profits are theoretical profits displayed in your broker account resulting from an investment yet to be sold for cash. On the other hand, a realised profit occurs when you trade an investment and the sale earnings are credited to your bank account.

3. Which Income Tax Returns form applies to users of Zerodha?

4. How to file Income Tax Returns from salary and trading shares?

If you earn income from your salary and trading shares, you must file Income Tax Returns-3. Your share trading income can be from intraday trading or futures and options. You can also use ITR-3 to report income earned from real estate, capital gains, jobs, etc.

5. Which Income Tax Returns should you file to report share income?

Suppose you have income from shares and securities only and no other source. In that case, you can file Income Tax Returns-2. However, if your income source is a business venture or profession, salary or other sources, there are better choices than  ITR-2 to report such income.

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