New ITR Forms for AY 2021-22

Thank you, @Nireka
Will wait diligently for the new ITR updates :slight_smile:
All my queries have been addressed. Looking forward to using and recommending Quicko to friends and family.

@ChinmayB We are as excited as you are! :slight_smile:

The PnL provided by Angel broking is a complete waste of time. It doesn’t show the correct profit and loss figures.

Other brokers like Zerodha are providing their customers such easy to comprehend and use for tax purpose PnL reports.

Whereas, Angel broking’s PnL report is incorrect as it overstates the profits since no charges are deducted like the brokerage charges plus gst and the Stamp duty charges to arrive at the PnL from each transaction/scrip and hence it overstates the profit which is wrong.

We get the impression (say our profit is 11 lakhs (as per Angel Broking PnL) whereas they have deducted a total of say 1lakh as expenses. So, in reality our STCG/LTCG will be 10 lakhs whereas Angel broking reports says 11 lakhs so the unaware user will end up:

  1. paying more tax
  2. having a wrong impression about the profits that he/she makes
  3. no clarity on individual expenses incurred on a transaction.

Kindly reply what should we do. Thank you!

Hi @PALLAV_MITTAL, here to help you with this. We understand that understanding your P&L report can be challenging. Please refer to the following article to understand how your Angel Tax P&L report works. Hope this helps. Please let me know if you continue to face any issue, would love to help. :blush:

pls kindly tell me what are all the things I should download from the broker’s back office and from which date to which date should i download the data from the back office for the audit purpose for the A.Y. 2022~23 . F.Y. 2021~22 . ?
for cash equity trades and for fno derivative trades !

one of my friends says dates as follows :
(1) net positions for cash equity : dates from 1st April 2021 To 29th March 2022

(2) net positions for fno derivative : dates from 31st March 2021 To 30th March 2022

(3) Ledger : dates from 1st April 2021 To 31st March 2022

IS THIS RIGHT ?

@Sakshi_Shah1 can you help?

Hi @HIREiN

For compliance of FY 2021-22, you can download the following statements from period 1st April 2021 to 31st March 2022:

  1. Tradewise Report
  2. Tax P&L Statement
  3. Net Positions Statement
  4. Holdings Statement
  5. Ledger
  6. Any other statement required by your appointed tax auditor

thk u . BUT . the broker says that the settlement dates differ and are different . so . the broker asks me for the following dates to follow .

(1) net positions for cash equity : dates from 1st April 2021 To 29th March 2022

(2) net positions for fno derivative : dates from 31st March 2021 To 30th March 2022

(3) Ledger : dates from 1st April 2021 To 31st March 2022

IS THIS RIGHT ?

Hi @HIREiN

The broker has suggested dates based on the T+2 Settlement that they follow for trading transactions as per SEBI rules. You can go with this data. However, you must also check this with the appointed tx auditor.