Hi Fellow Traders,

U either make Capital gain or Capital loss in stock market (or simply sit on stocks)

I'm a day trader. I trade no. of stocks, no. of times. My Contract notes will easily run up to more than 200 per financial year, because I trade on all the working days. Add another 200 and 250 each for derivative and commodity contract notes respectively.

As a result, its cumbersome to manually calculate how much profit or loss one has made. Sometimes, you may end up miscalculating and pay wrong tax amount. Even if u show the Contract notes to the IT officer, he will be horrified (or probably get a heart attack ) to audit such bunch of papers.

So, I was wondering if our brokers provide any statement detailing Capital gain or loss made, brokerage charged, STT charged etc during the financial year. So it becomes easy for both the IT assessee and the IT officer to assess the income tax.

I was also wondering how you guys file your returns.

Do guys ask your broker for "statement of capital gain or loss" or do u compute gains/losses manually.

Thanking you,

Capriura

If you are a small trader, it is unlikely that the taxman would bother about your trading records.

For delivery trades and derivatives trades, I submit a list prepared manually.

For day trades, I just submit my final loss/profit figure (which is usually a loss....).

No one has asked for my contract notes or any other trade details.

It all depends on how fussy the officer is.

If he wants, he can ask for each and every contract note.

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Brokers don't maintain records of losses/gains of clients.

At the most, they can give the records of all the trades that a client has done.

The client has to calculate the tax liability himself.

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Hi,

ICICI Direct has introduced a new feature in it's portfolio section - Capital gains Tax.

The tool calculates all type of gains/losses based on your transaction history, and with great accuracy I must add.