How to file ITR for Groww?- How to Download the Groww Capital Gains Statement?

What is Groww Tax P&L Statement or Capital Gains Statement?

Groww is a stock broking website that allows users to do trading in equity, mutual funds, and derivatives. Groww tax P&L is a consolidated statement of all the trading-related transactions performed by its users during the year. Groww traders can use it to determine which ITR to file and understand if a tax audit is applicable. You can also download Groww Capital Gain Statement from its website and use it in Groww ITR filing.

How to Download the Groww Capital Gains Statement?

Groww's capital gains statement is a statement of all the capital gains from shares, commodities, and derivatives. It consists of detailed information about the capital gains that have arisen from share trading. Here’s how you can download Groww's capital gain statement from Groww’s website -

• Step 1. Visit Groww website.
  
  
• Step 2. Enter your password and user Id, and log in using your credentials.
• Step 3. Click on Reports. Click on tax filing and select Capital Gains - Mutual Funds from the drop-down menu or Capital Gains - stocks, as applicable.
  
  
• Step 4. Select the specific financial year and the specific quarter for which you want to download the statement. For example, to download the capital gains statement for FY 23-24, select the financial year as April 2023 to March 2024.
  
  
• Step 5. You can click on whichever report you want to download.
• Step 6. An Excel sheet is downloaded to your computer.
• Step 7. After downloading, you can view your capital gains or P&L statement from your PC.

How to Upload Groww P&L Statement on Tax2win?

After downloading the capital gains statement from the Groww website, follow these steps to upload it on the Tax2win’s website.

• Step 1. Visit the Tax2win page, and select File your return.
• Step 2. Now select ‘capital gains’ as your source of income and click on continue.
  
  
• Step 3. Now, navigate to the ‘Capital Gains’ section. Click on ‘Groww’.
  
  
• Step 4. From the pop-up window, click on browse files and upload the P&L statement.
  
  

Alternatively, you can also upload Groww P&L using the Tax2win template.

• Step 1. Click on the Tax2win Template.
  
  
• 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.
  
  

Tax Audit Applicability for Groww

Traders generally use online trading platforms to trade in shares, commodities, securities, and currency. Activities like trading, equity F&O, equity intraday, currency, and commodity trading are considered business income. Therefore, you must determine if a tax audit is applicable to you as per the Income Tax Act. The applicability of tax audit is mentioned under section 44AB of the Income Tax Act.

Earlier, the turnover limit for the applicability of tax audit was 1Cr. However, post-Budget 2020, this limit was increased to 5Cr. provided -

• Cash payments should not be more than 5% of the total payments in the financial year under consideration.
• And also, the cash receipts during the year should not be more than 5% of the total receipts.

Which ITR Form is Applicable for Traders?

Groww traders are required to file ITR every year at the end of the financial year. The Income Tax Law prescribes multiple ITR forms that have to be selected by the taxpayer based on his/her income type. The taxpayer needs to report his income, compute taxes, and deductions, claim TDS credit, and request a tax refund.

For example, if you have income from share trading, commodity trading, derivatives, etc., you need to file either ITR 2 or ITR 3. The type of ITR applicable to you depends on the nature of your income. For example, if the income from trading is capital gains, you have to file ITR 2, and if your income from trading is considered business income, you have to file ITR 3.

What is the Due Date for Filing ITR for Groww?

Just like any other tax filing, Groww ITR filing is done at the end of a financial year. The due date for Groww's tax filing is as mentioned in section 139 of the Income Tax Act. Given below is the ITR filing deadline for different categories of individuals -

Calculation of Trading Turnover for Groww

For calculating the trading turnover of Groww, both the favorable and unfavorable transactions are taken into consideration. The trading turnover calculation method is different for futures and options. Here are the ways -

Trading turnover for Futures

• Turnover value is calculated in absolute terms
• Turnover = (Purchase value x lot size) - (Sales value x lot size)

Trading Turnover for Options

• Turnover for trading options is not calculated in absolute terms
• Turnover = Sale value + Absolute profit/loss

Let’s understand this with an example -

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