Capital Gains Tax Calculation on ClearTax For Paytm Users

If you have sold any of your mutual fund investments and/or stocks and are filing your taxes with Capital Gains this year, you can try it out yourself.

The manual process of filling all the capital gains details on other platforms makes the return filing process cumbersome and laborious. At the same time, ClearTax allows you to do it instantly without any hassles.

ClearTax has integrated with all top brokerages in the country like Paytm Money, 5Paisa, ICICI Direct, Groww, etc., to simplify capital gains calculations. If you have transacted with stocks or mutual funds in the last financial year, log in now to ClearTax and experience revolutionary technology that calculates your taxes in seconds.

Step 1: Go to www.cleartax.in link. To start with income tax return filing, click on the ‘Get Started’ button.

Step 2: Now click on the ‘Try Now’ button to file ITR and login to your account.

Step 3: After logging in, the first step is to link your PAN by entering your PAN and Date of Birth. Complete OTP verification using ‘IT Department registered mobile number’ or ‘Aadhaar registered mobile number’. 

Step 4: Enter OTP received on your mobile number.

Step 5:  After linking your PAN, you can have your personal and salary details auto-filled. All you have to do is an OTP verification to prefill the information. So click on the ‘Proceed’ button to do an OTP verification.

Note: If you skip the pre-fill option, you have to manually enter the details.

Step 6: After successful OTP verification, start filling in your other income details. You can capture your capital gains details in seconds, just go to the ‘Income Sources’ and click to add capital gains details as shown on the screen.

Step 7: It will take you to the ‘Income from Capital Gains’ page where you can click on the ‘Paytm Money’ icon.

You will now be redirected to a new tab where you can log in to your broker’s account. After successful login, all your capital gains details will be fetched automatically.

That’s how you can fill up thousands of capital gains details automatically in a single click through the ClearTax platform. 

You will be able to see a summary of capital gains and losses. Any intraday trading transactions during the year will be captured automatically as business income under the ‘Speculative Income’ section.

You can also see all the individual transactions are automatically captured and grouped into long-term and short-term capital gains. If you want to make any changes, you can edit or delete them.

In this way, you can capture the capital gains transactions on ClearTax for return filing.

Frequently Asked Questions

How to Access Paytm Money P&L statement?

There is no need to download the profit and loss statement for Paytm Money users. Follow the steps below to fetch your share trading details:-

• Login to ClearTax 
• Go to the ‘Income Sources’ tab> ‘Capital Gain Income’> click on ‘Add Details’
• Click on Paytm Money and log in to the broker’s account

Your capital gain details will be automatically captured.

Which ITR form applies to Paytm Money users (for both long-term investors and traders)?

Income from shares and mutual funds falls under the capital gains head. Individuals having capital gains or losses from shares and mutual funds during the year can file ITR-2. However, if you are into intraday or F&O trading, you should report it under the head’ Income from Business and Profession’. Hence, individuals having capital gains and other income (other than business income) should file ITR-2, and others should file ITR-3. If you file your ITR through ClearTax, there is no need to choose the ITR form. It will automatically get selected as per your financial details entered.

How to file taxes if I have trading accounts from multiple brokers?

If you trade on platforms like 5paisa, Paytm Money or Groww, you can just log in to all these broker’s accounts through ClearTax to update the capital gains details. In addition, you can upload tax reports of all the brokers (we support multiple brokers), and the platform will fetch all the details and auto-calculate your taxes.

How to do tax-loss harvesting when filing through ClearTax?

You can add the previous year’s loss details on ClearTax. ClearTax helps to automatically adjust such losses with your income as per the Income tax law.

Can I also show other incomes while filing through ClearTax?

ClearTax allows adding all types of income, such as salary income, rental income, profits or loss from business and profession, capital gains or losses, and other income details (interest income, dividend, lottery winnings, etc.), on its platform.