Income Tax Return filing for FY 2024-25 has begun! File your ITR on time with expert help – Accurate, timely, and refund-ready! File Today
What is Fisdom P&L Statement and Capital Gains Statement?
Fisdom profit and loss and capital gains statement is a consolidated statement for all the transactions related to trading and investment performed by the users within a financial year. These statements can be used to determine the ITR form and if a tax audit is applicable.
How to Download Fisdom Capital Gains Statement?
Capital Gains statement is a consolidated statement that allows taxpayers to get a comprehensive view of the capital gains and losses incurred during the financial year. This statement helps you file your ITR online easily. Here’s how you can download the capital gains statement for Fisdom online -
Step 1. Open the Fisdom App
Launch the Fisdom app on your device.
Step 2. Navigate to "My Account"
From the home page, go to the "My Account" section.
Step 3. Access "Statements"
In the "My Account" section, find and click on "Statements."
Step 4. Find the "Tax Filing" Section
On the statements page, look for the "Tax Filing" section. Here, you'll find various tax-related statements, including:
- ELSS Statements:
This statement includes only investments in tax-saving mutual funds (ELSS).
- Tax P&L Mutual Funds:
This statement lists all mutual fund investments that fall under the Short Term Capital Gains (STCG) or Long Term Capital Gains (LTCG) tax categories.
- Tax P&L (Equity & Derivative):
This combined statement covers equity, derivative, and currency investments, detailing gains/losses for the Intraday, STCG, and LTCG categories.
Step 5. Download these statements in excel format.
How to Upload Fisdom P&L Statement on Tax2win?
After downloading the capital gains statement from the Fisdom website, follow these steps to upload it on the Tax2win’s website.
- Step 1. Visit the Tax2win page, login/signup to the account and click on File ITR Now
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Step 2. Now select ‘capital gains’ as your source of income and click on continue.
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Step 3. Now, scroll to the ‘Capital Gains Income ’tab. Enter your capital gains/losses details by adding via tab “ Equity, Mutual Funds, Intraday, F&O and More”.
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Step 4. Upload your capital gain report by selecting, “Fisdom”.
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Step 5. From the pop-up window, click on browse files and upload the P&L statement.
Alternatively, you can also upload Fisdom P&L using the Tax2win template.
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Step 1. Click on the Tax2win Template.
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Step 2.
Click the 'Download Tax2win Template' button in the first step to download the template. Fill in your capital gain investment details as instructed in the template. Then, upload the completed template by clicking the 'Browse Files' button. Tax2win will read your transactions and calculate your capital gains details within minutes.
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Or, you can “Add Data Manually” for the cases where, Tax P&L report not available, broker isn’t listed or not supported.
- Inclusion of Long-Term Capital Gains (LTCG) in ITR-1 and ITR-4
Previously, taxpayers with any LTCG were required to file more complex forms like ITR-2 or ITR-3. Now, individuals with LTCG up to ₹1.25 lakh from listed equity shares or equity mutual funds under Section 112A can file using the simpler ITR-1 (Sahaj) or ITR-4 (Sugam) forms, provided there are no carried forward losses.
- Segregation of Capital Gains Based on Transaction Date
The updated ITR forms now require taxpayers to report capital gains separately for transactions executed before and after July 23, 2024. This change aligns with the revised capital gains tax rules introduced in the Union Budget 2024, which, among other things, reduced the LTCG tax on real estate to 12.5% without indexation from the previous 20% with indexation.
- Reporting of Buyback Proceeds as Deemed Dividends
From October 1, 2024, proceeds received from the buyback of shares by domestic listed companies are to be treated as deemed dividends. The updated ITR forms require these proceeds to be reported under 'Income from Other Sources.' Additionally, the capital gains schedule should reflect zero sale proceeds, allowing the cost of acquisition to be claimed as a capital loss, which can be carried forward for up to eight assessment years.
- Enhanced Capital Gains Reporting in ITR-7
For trusts, NGOs, and other institutions filing ITR-7, there is now a requirement to disclose capital gains separately for transactions before and after July 23, 2024. This change ensures accurate tax calculations in light of the revised capital gains tax rules.
- Increased Threshold for Asset and Liability Reporting
In the ITR-2 form, the threshold for mandatory reporting of assets and liabilities has been raised to ₹1 crore. This adjustment aims to reduce the compliance burden for taxpayers with assets below this threshold.
How to File ITR for Fisdom?
Fisdom users, investors, and traders can easily file their ITR online in less than 4 minutes with Tax2win. Tax2win is an online ITR filing portal that allows you to file your ITR yourself in less than 4 minutes. The smart, intuitive AI-integrated software makes ITR filing super easy. From automatically selecting the applicable ITR form based on your income sources to auto-populating your details from the Income Tax database and automatically computing the tax liability using both regimes, ITR filing with Tax2win is easy to understand and accomplish.
Tax2win offers two types of ITR filing services -
- DIY ITR Filing: DIY ITR filing option allows you to file your ITR yourself using Tax2win’s portal in less than 4 minutes in a few simple steps.
- CA-Assisted ITR Filing: If you find taxes complicated, you can also get professional help. Tax2win offers eCA-assisted online ITR filing services, wherein you can hire a CA to help you file your taxes.
Click here to know how to file ITR with Tax2win
Tax Audit Applicability for Fisdom
Traders using online platforms like Fisdom to trade shares, commodities, securities, and currency must determine if a tax audit is applicable under section 44AB of the Income Tax Act. Business income includes trading in equity F&O, equity intraday, currency, and commodities.
Tax Audit Turnover Limit
- Previous Limit: Rs.1 crore
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Post-Budget 2020 Limit: Increased to Rs.5 crore, if -
- Cash payments do not exceed 5% of total payments for the financial year.
- Cash receipts do not exceed 5% of total receipts.
Update in Finance Act 2021
- Effective from 1st April 2021
- ₹10 crore threshold limit, if cash transactions do not exceed 5% of total transactions.
Fisdom traders must file an Income Tax Return (ITR) each year at the end of the financial year. The appropriate ITR form depends on the type of income:
- ITR 2: If your income from share trading, commodity trading, derivatives, etc., is considered as capital gains, then you must file ITR 2
- ITR 3: If you have income from trading, it is considered business income.
What is the Due Date for Filing ITR for Fisdom?
The due date for filing an ITR for Fisdom is the same as the due date for filing an ITR for all individuals from any other platform. The last date to file ITR for FY 23-24 is 31st July 2024. Given below are the due dates for filing ITR for Fisdom for different individuals in different situations -
| Category |
Due Date |
| Individuals who are not required to get their accounts audited |
31st July 2024 ( 15 September 2025 for FY 2024-25) |
| Companies |
30th September |
| Individuals required to get an audit done |
30th September |
| Individuals or HUF in partnership firm |
30th September |
If you are a Fisdom trader and want help with Fisdom tax filing, we are here to make Fisdom ITR filing easy for you with our eCA service. Get expert CAs at your service now!
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