Error in Tax P&L

Hi,

I recently saw an error in your Tax P&L calculation. I have booked some short term loss this week but somehow, it is not adjusted against my short term profit calculated under back office’s Tax P&L section.

Questions:

  1. How frequent is your Tax P&L updated? The amount (P/L) which I see is it on daily basis?
  2. With the new LTCG in effect, will zerodha amend this feature for automated tax calculations for 2018-2019 trades? or do we have to do it manually?
  3. How should we approach for advanced tax payments for March 2018?
  4. If your systems are not showing correct Tax P&L statements, investor like me would land up paying more tax than what I am supposed to. Any check measures at your end?

Please reply detailed answers to above 4 questions.

Hi,

Below is the answers to your query:

  1. Currently the Tax P&L is not updated on a daily basis as we are in the process of backoffice migration. It will be updated completely by the end of March. You can check the regular P&L under the Reports section in the Q-Backoffice which is updated on a daily basis.

  2. The Tax P&L will be amended to include the new LTCG provisions in our new in-house backoffice, Crux. Therefore you wouldn’t have to make manual calculations for your trades in 2018-19.

  3. You are requested to consult your CA regarding advance tax payment. You can use the tradebook, ledger and contract notes which are made available to you in the Q-Backoffice as it may be required by your CA. Further you can refer to our taxation module in our online educational platform Varsity - https://zerodha.com/varsity/module/markets-and-taxation/ which covers all the taxation aspects of trading and investing in the markets.

  4. It is always advised that you take a professional’s help such as a CA, before paying your income tax. However, if you eventually end up making a profit for the entire year which is lesser than for what you had paid advance tax, you can claim for a tax refund. Tax refunds are processed in quick time by the IT department now. The procedure for the same is explained in the Tax module in Varsity for which the link is shared above.

2 Likes

Tax P&L Report Generated Today (20-Mar-19) shows only 1 out of 2 Debt Funds that I exited last week (13-Mar-19).
Thereby the Debt STCG Calculation reported is wrong.
Have raised Ticket on Supportline.

After resolution from Support team… Still there are errors. Debt MFs are listed under Equity Trades!!
Btw, Are these reports tested properly or they are Beta ?? Can rely on this to Submit Tax Calculation to file IT Returns ??

Hi, I have been getting an error for some time on ICRA. Wrong Loss statement is shown. Last when I purchased this stock, for sometime it used to show that there is discrepancy with the stock and now this huge unrealised loss is shown which scares the hell outta me. Screenshot attached for reference.

@nakul @TheGouda

P&L is a top layer report which does not affect your ledger balance. Please create a ticket here so our team can check and assist.

#20210223176665

Created this ticket. Please fix the issue