In Zerodha tax pnl report. There is no breakup of charges and taxes sepreratly for short term trades andequity intraday trades. How do I distribute it while filing tax return?
Also, are other charges like DP charges, AMC charges deductedfrom total gross profit?
Another Question I have is I see mismatch in Quicko data when I am authorizing t
It to fetch report from zerodha the numbers do not match
Please drop us an email at [email protected] along with the tax P&L report so we can get this checked.
@sujit_b - Did you get any clarity from @Quicko on this ?
I had dropped them a mail asking -
The expenses for Capital Gains is showing as xyz amount in Quicko while the Zerodha P&L sheet from where you have populated the data is showing the same as around abc for equity segment.
They replied -
Intraday expenses are allocated proportionately between equity delivery-based transactions and intraday transactions. Additionally, the STT charge is only accounted for in the case of intraday or F&O transactions and not in the case of short-term and long-term transactions . This is why the expenses are reflected as lower in the case of short-term capital gains.
You can verify all expenses except for STT both on the Quicko and Zerodha reports and it shall match.
I am not sure if this the right position from taxation point of view.
It’s been years since zerodha promised a report on tradwise breakup of charges. There are threads in this forum where they have stated it’s a WIP feature. But it’s still not available.
They even create a feature page boasting about the Tax Pnl report but reality is the report is only half useful. There is no breakup of charges into intraday, longterm or short term.
The approach of proportional distribution of charges along with STt only for intraday, is an incorrect approach. Charge rates for each category of trade is different, even STT is different.
Quicko can’t solve this. Only Zerodha can solve it.
PS: No Zerodha, I don’t want to send you an email asking for tradewise breakup of charges the report everytime I need it. I have even pointed out mistakes in the calculation in the past.