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ClearTax supports auto-reading tax reports for the Zerodha platform so that capital gains tax calculation becomes easier. Unlike other platforms, you can simply upload your capital gain statement on ClearTax, which will automatically capture the relevant details of the transaction in the capital gains schedule. If you have transacted in equity shares, mutual funds, and F&O in the FY 2021-22, follow the steps below and complete your return filing process.
Step 1: Log in to https://console.zerodha.com/dashboard by entering your user ID and password
Step 2: Navigate to ‘Reports’ on the top menu.
Step 3: Select ‘Tax P&L’ from the dropdown menu.
Step 4: Select the relevant financial year. To download the transactions statement for the period 1st April 2021 to 31st March 2022, select FY 2021-22.
Choose from Q1 to Q4.
Here is your Tax P&L report!
Step 1: Upload the downloaded capital gain statement on the ClearTax platform in three steps only. To do so, log in to the ClearTax account, under ‘income from capital gains’ click on the ‘Zerodha’ link.
Step 2: You will be redirected to the capital gains summary page. ‘Choose the Report provider’- as ‘Zerodha’. Ensure that the PAN in the personal information section in ClearTax matches the PAN in the Zerodha tax P&L. ClearTax can auto-read tax P&L reports and calculate the capital gains tax.
Step 3: Now choose the file to upload the tax P&L statement saved in your system. If the document is password-protected, enter the password in the text box below, and proceed.
And now you can see that the below details are automatically captured from the statement uploaded-
● Capital gains
● Speculative income from intraday trading
● Dividend income
● Trading income from F&O, CD/CX
In this way, Zerodha users can update 1000s of mutual funds, equity shares, intraday trading, and F&O transactions for filing income tax returns without any hassles.
You can download the profit and loss statement from the Zerodha Console website. Follow the steps below to fetch this statement:-
ITR form should be chosen based on the various income sources you earn money from. If you trade in equity shares and mutual funds, such income falls under ‘income from capital gains’, and you can file ITR-2. However, if you are into intraday trading or F&O, you should report it under the head ‘Income from Business and Profession’ and file ITR-3. ClearTax can help you find the right ITR form per your financial details.
An unrealised profit is a theoretical profit shown in your broker’s account resulting from an investment that is not yet sold for cash. A realised profit or loss occurs when you sell an investment, and the sale proceeds are credited to the bank account.
You can upload the capital gains statement for all supported brokers into the platform (there is a list of all brokers we support), and the platform will parse it and auto-prepare the return.
You can add the details of the previous year’s losses/depreciation on the ClearTax website. Then previous year’s loss (brought forward loss) is automatically adjusted with the current year’s income if eligible for set off as per the Income Tax rules.
Can I also add my other incomes while filing through ClearTax?
While filing ITR through ClearTax, you can add income from salary, rental income, business and profession income, profits from intraday trading, gains from equity and debt mutual funds, interest income, dividend, lottery winnings, and commission, etc. Hence, you can add all types of incomes to the ClearTax platform.