What is Paytm Money P&L Statement?
If you are a Paytm Money trader, you need to download a capital gains P&L statement for Paytm Money. It is a detailed record of your investments made with the Paytm Money platform and your overall profit or loss during the year.
It is a comprehensive report that keeps a record of a person’s investments, capital gains, and returns for a specific time. Capital gains refer to the profit you make on selling the assets held by you. These capital gains can be short-term or long-term in nature depending on the period for which the assets are held.
If you are engaging in investing with Paytm Money, it is mandatory for you to furnish your P&L statement for filing your income tax return or ITR. Given below are some simple steps in which you can download the Paytm Money capital gains P&L statement from Paytm Money’s portal.
How to download the Paytm Money P&L Statement?
Given below are the steps to download your capital gains P&L statement from the website of Paytm Money -
Step 1: Enter your email ID and password to log in to your Paytm money account.
Step 2: A new window will open in front of you. From the menu on the left-hand side, click on ‘stocks and ETFs.’
Step 3: Click on the profile icon given on the top right corner of the dashboard.
Step 4: On the left-hand side menu, click on the ‘statements’ option.
Step 5: After selecting ‘statements’, select Tax P&L from the tax statements dropdown menu.
Step 6: Here, select the financial year as ‘2023-24’ and click on the ‘Download’ button. You can download the P&L statement in excel format.
- 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 Upload Paytm Money P&L Statement on Tax2win?
After downloading the capital gains statement from the Paytm Money website, follow these steps to upload it on the Tax2win’s website.
- Step 1. Visit the Tax2win page, and select File your return.
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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, navigate to the ‘Capital Gains’ section. Click on ‘Paytm Money’.
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Step 4. From the pop-up window, click on browse files and upload the P&L statement.
Alternatively, you can also upload Paytm Money 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.
Follow these simple steps to download and upload your Paytm Money P&L statement within minutes. So, if you are planning to file your ITR for FY 23-24, make sure you have your capital gains P&L statement handy.
Filing your Income Tax Return with Tax2win is super easy! Simply upload your Paytm Money Capital Gains P&L statement, and finish filing your ITR hassle-free in a few minutes. Get started now.
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