Ask PMS for quarterly audited statement of transactions in your account

This will make it easier for you to calculate your tax liability and pay it on time

When investing in a portfolio management service (PMS), don’t just look at the returns and performance of its schemes. Make sure that the PMS provider also gives out quarterly audited (or even unaudited/provisional)  statements of the transactions in your account, to help you pay the right amount of tax and on time.

Helping a client prepare her income tax return turned out to be more time-consuming than Kolkata-based investment advisor Malhar Majumder had expected it to be. Majumder had to go back and forth with his client’s PMS provider to get details of transactions and audited reports.

The taxation of PMS is