What is the difference between Indicative P&L statement and Absolute P&L statement?

These profit and loss statements are available in zerodha back office q.zerodha.com

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Its explained quite well in Q. I'm reproducing the same for your reference:

Absolute P&L

Profitability statement for all trades executed during the time period selected considering the actual buy/sell price for holdings and open positions. Example:

  • You bought 1 share of stock X at Rs 100 on 10th April 2014 and sold at Rs 110 on 10th May 2014
  • If you search for profitability between 1st May to 30th May, the buy price of stock X will be the actual buying price as on 10th April

Indicative P&L

Profitability statement for all trades executed during the time period selected, based on the previous closing price of holdings and open positions as on the "from date". Example:

  • You bought 1 share of stock X at Rs 100 on 10th April 2014 and sold at Rs 110 on 10th May 2014
  • If you search for profitability between 1st May to 30th May, the buy price of stock X will be the previous closing price as of 1st May
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What about shares in demat account, will evaluation be done those (to get approx sell price) to check net profitability?

You could check that in the holding statement. More details here - http://zerodha.com/z-connect/tradezerodha/q-reporting-analytics/intro-to-q-next-generation-backoffice-system

Thanks Karthik sir, Please tell me which statement is more relevant for filing Income tax returns?

We have a separate Tax PNL statement on Q. Indicative for F&O and absolute for Equity, is what is followed by most in the market.

@Karthik
You said
------------- If you search for profitability between 1st May to 30th May, the buy price of stock X will be the previous closing price as of 1st May

Why would anyone want that?
Taking the buy price as on 30th May, would in fact provide wrong results, right?
I mean what is the advantage of Indicative P/L statement?
Is there any option to exclude open positions?
Is there any option to show open positions and closed positions separately for the same time period?

Some traders prefer to check for their profitability during a particular period (which may also includes M2M). For them, indicative P&L is quite useful. As of now there is no option to exclude open position. But I guess it is a nice option to have.