How to Download the Zerodha Tax P&L Report
Log in to Console (console.zerodha.com) → Reports → Tax P&L. Select the financial year and click Download. The file downloads as a multi-sheet Excel workbook (.xlsx).
Note: The Tax P&L report is different from the Tradebook report. The Tax P&L applies FIFO cost accounting and calculates realized P&L per lot — it is specifically designed for ITR filing.
The Three Sheets in the Zerodha Tax P&L File
Sheet 1: Tradewise Exits from [Date]
This is the most important sheet. It lists every FIFO-matched buy-sell lot — one row per matched lot, not per trade.
Key columns:
- Symbol: Stock ticker (e.g., RELIANCE, HDFCBANK)
- ISIN: International Securities Identification Number — needed for Schedule 112A in ITR-2
- Entry Date / Exit Date: Buy and sell dates for this lot
- Quantity: Units sold in this matched lot
- Buy Value: Total cost of this lot at purchase (quantity × average buy price)
- Sell Value: Total proceeds from this lot (quantity × sell price)
- Period of Holding (days): Days between entry and exit — use this to classify STCG vs LTCG (≤365 = STCG, >365 = LTCG)
- Fair Market Value: FMV as on 31 January 2018 (for grandfathering calculation)
- Taxable Profit: Profit after applying grandfathering — this is the figure to use in ITR
- Turnover: Used for F&O turnover calculation
Important: The Taxable Profit column is the gross P&L before charges. Charges (brokerage, STT, etc.) are shown in the Equity sheet, not at the lot level. Do not double-deduct charges.
Sheet 2: Equity (or "Equity and Non Equity" in newer files)
This sheet serves two purposes:
a) Charges table: Aggregate brokerage, STT, SEBI fees, stamp duty, and GST for the year. These are account-level totals, not broken down per trade.
For ITR purposes: deduct brokerage, SEBI fees, stamp duty, and GST from capital gains. Do not deduct STT from capital gains — it is only deductible for F&O income.
b) Section summaries: Three sub-tables — Intraday, Short Term, Long Term — each listing symbol-level sell values. These are useful for cross-checking against the Tradewise Exits sheet.
Sheet 3: Mutual Funds
Lists mutual fund redemptions, broken into:
- Short Term Trades Equity: Equity MF units held ≤1 year
- Long Term Trades Equity: Equity MF units held >1 year
- Short Term Trades Debt: Debt MF units held ≤1 year
- Long Term Trades Debt: Debt MF units held >1 year (only relevant for pre-April 2023 purchases)
- Debt - Purchases post 2023: Always STCG at slab rate (Finance Act 2023 change)
Columns: Symbol | Quantity | Buy Value | Sell Value | Realized P&L
Common Confusion Points
"The Taxable Profit doesn't match what I calculated"
Check whether Zerodha applied grandfathering. If a client bought shares before 31 January 2018, Zerodha uses the FMV column to adjust the cost basis. The Taxable Profit will be lower than (Sell Value − Buy Value) in such cases.
"The charges in the Equity sheet seem higher than expected"
The Equity sheet shows total charges for the entire year, including charges on intraday trades. If your client does both intraday and delivery trades, the charges need to be split between speculative business income (intraday) and capital gains (delivery) in proportion to their turnover or sell value.
"There's a sheet called 'F&O' but I don't see individual trades"
In some Zerodha files (especially for clients with fewer trades), F&O data may appear inline in the Equity sheet with section headers like "Futures" and "Options". In other files, there is a dedicated F&O sheet.
"Mutual Fund data is missing"
Zerodha only includes mutual fund data in the Tax P&L if the client transacts through Coin (Zerodha's MF platform). MF transactions done directly with AMCs or through other platforms won't appear here.
Reconciling Zerodha Data with Form 26AS / AIS
The AIS now shows capital gains as reported by depositories (NSDL/CDSL) to the IT department. Before filing, reconcile:
- Total sale consideration in Zerodha Tax P&L vs AIS capital gains section
- Total STT paid in Zerodha vs AIS STT section
- Dividend received vs AIS dividend section (not in P&L, but a common mismatch)
Minor differences (< ₹100) due to rounding are generally acceptable. Larger differences need to be investigated — usually caused by corporate actions (bonus, splits, rights) not reflected correctly in the broker's FIFO calculation.
Using the Zerodha Report with FirstReports
FirstReports accepts the Zerodha Tax P&L file directly. Upload it, and the platform automatically parses all three sheets, classifies each trade as STCG/LTCG/Intraday/F&O/MF, and merges it with data from other brokers your client uses. The consolidated output is formatted for direct entry into ITR Schedule CG and Schedule 112A.