ITR Filing Simplified for Groww Users

Everyone has jumped on the bandwagon of personal finance, specifically investing in shares and mutual funds. To put in perspective, Groww- India’s leading investment platform alone has a user base of over 1.5 crores. When we talk of investments in shares and mutual funds, tax rules for computing the capital gain taxes on the sale of equity shares and units of mutual funds are very complex. To solve this problem of millions of users, ClearTax has partnered with various brokerage firms like 5Paisa, ICICI Direct, Zerodha, CAMS, Kfintech, ClearTax, Groww and Paytm Money. You can now import hundreds of capital gains transaction details by uploading a capital gains statement obtained from the broker’s platform. 

We have integrated with Groww, where you don’t even have to upload a capital gains statement. All your capital gains details will be captured automatically in a single click by logging in through your Groww account. Here’s a guide on how to capture capital gains transactions through your Groww account.

Login

Step 1: On the ClearTax platform, click on the ‘Login’ and enter your details 

Link your PAN

Step 2: After logging in, link your PAN by entering your PAN and Date of Birth. Now, choose a method for verifying OTP – either through ‘Aadhaar registered mobile number’ or ‘IT Department registered mobile number’.

Pre-fill personal and salary information

Step 3: Save yourself the hassle of manual entries. We will pre-fill all your personal and salary details. To have all these details pre-filled, proceed to verify OTP.

Note: You can also choose to skip the pre-fill option and manually enter the details.

On this screen, you will see a preview of your personal details. Ensure all the details are correct. 

If you want to modify or include any information, you can go to the ‘Personal Info’ tab and make the changes.

Log into Groww Account

Step 4: In the ‘Income Sources’ tab, you must fill in all your income details. For capturing capital gain information from your Groww account, go to the ‘Capital Gain’ section and click on the Groww icon.

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

This way, you can import thousands of capital gain transaction details in a single click through ClearTax and save a lot of time.

Frequently Asked Questions

How to Access/download Groww income tax documents/ P&L statement

You can download the profit and loss statement from the Groww website. Follow the steps below to fetch this statement:-

• Login to https://groww.in/user/profile/report
• Go to ‘Reports’, and look for dropdowns ‘Capital Gains – Mutual Funds’ and ‘Capital Gains – Stocks’
• Click on the relevant download button and select the financial year you want to file ITR
• Select the relevant financial year

If you are filing through ClearTax there is no need to download the statement from the Groww website. You have to just log in to your Groww account and ClearTax will automatically pull all your capital gains data.

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

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.

What is realised and unrealised profit in Groww?

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.

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

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.

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

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.