Capital Gains Tax Filing Simplified for Users Trading on Axis Direct Platform

If you have sold your stock holdings or mutual fund (MF) units on the Axis Direct trading platform in the financial year 2021-22, use ClearTax and report the details of the gain within minutes. Unlike other platforms, you need to simply copy and paste your trading information on the ClearTax excel template and upload it to capture capital gains details. It will automatically capture the data in the relevant fields and compute the capital gains tax. Read the process below to learn how to use the ClearTax utility tool. 

Steps to Add Share Trading Details on ClearTax 

Step 1: Go to www.cleartax.in and click on the ‘Get Started’ button.

Step 2: Now proceed to file your ITR by logging in to your ClearTax account.

Step 3: Link your PAN to e-file. The income tax department mandatorily requires it. You can choose a method for verifying OTP – ‘IT Department registered mobile number’, or ‘Aadhaar registered mobile number.’

Step 4: After linking your PAN, you can pre-fill your income details. For the same, it is necessary to give consent by OTP verification.  

Step 5: After successfully pre-filling information, you can now fill in capital gains details. Under the ‘Income Sources’, click ‘Add Details’ under the ‘Capital Gain Income’ section. 

Step 6: Click on ‘Click here if you sold any assets’. 

Step 7: If you are trading on the Axis Direct platform, you can download the ‘ClearTax excel template’. You have just to copy the details of transactions in the file and upload.

Step 8: Read the instructions given in the excel template in detail before using it.

You have to keep certain things in mind while using the excel utility as mentioned below:

• Fill in all the details in the excel sheet from the capital gain statement obtained from the brokerage firm.
• If you have redeemed mutual fund units, then enter the details in the sheet named ‘Sale of mutual funds’. Enter the equity shares transaction details in the sheet named ‘Sale of shares’.

• You can copy and paste the information if the Demat holding statement obtained from the broker is available in excel format. However, it is important to note below points:
  • Enter transaction-wise details of Systematic Investment Plan (SIP) transactions instead of consolidating all the figures. You can copy them in bulk and paste them into the sheet.
  • It is mandatory to mention ISIN details for equity shares transactions and equity mutual funds.
  • Don’t change the cell format of the excel template. You can use the ‘paste special’ function for pasting values. 
  • The data in columns ‘H’, ‘J’ and ‘L’ in the ‘Sale of Shares’ sheet are auto-calculated. 
  • The data in columns ‘I’, ‘K’ and ‘M’ in the ‘Sale of Mutual Funds’ sheet are auto-calculated. It would be best if you did not alter or delete the same. 

Step 9: Now save and upload the excel template by clicking on the ‘Upload File’.

Step 10: Choose the report provider as ‘ClearTax Template’, upload the file, and proceed.

This is how you can upload various shares and mutual funds transactions in a minimum time slot on ClearTax. The short-term and long-term capital gains transactions will be automatically captured under the head’ Capital gains’, and intraday and F&O transactions will be captured under ‘Business Income’.

Isn’t it simple for users trading on Axis Direct to file their taxes? 

Frequently Asked Questions

Which ITR form applies to Axis Direct Trading platform users (long-term investors and traders)?

If there is a gain from the sale of equity shares and mutual funds, then such income is categorised under the head head’ income from capital gains’. Individuals earning such income and not having income from business or profession can file ITR-2. However, income/loss from intraday or F&O transactions are treated as business income (speculative business). In such cases, you should file ITR-3. It is not required to choose the ITR form on ClearTax. It will automatically select the appropriate ITR forms.

How to file taxes if I trade through multiple brokers? 

You can upload multiple capital gains statements from different brokers on ClearTax. We have partnered with brokers like CAMS, Zerodha, Upstox, Paytm Money, Groww, 5Paisa, Kfintech, Sharekhan, ICICI direct, etc., to simplify the capital gains tax calculations for the investors.

How does tax-loss harvesting work when I file through ClearTax?

You have to add the previous year’s losses/depreciation on ClearTax. Then previous year’s loss is automatically brought forward and adjusted with the current year’s income as per the Income Tax rules. 

How to download the ClearTax excel template?

You can download the ClearTax Excel Template after login into the ClearTax account. Follow the below process: 

• Go to ‘Income Sources’
• Click on the ‘Add details’ in the ‘Capital Gain Income’ section
• Click on ‘Click here if you sold any assets’
• Download the ‘ClearTax Excel Template’

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