Upstox sends its traders a contract note for all transactions executed on the stock exchange. You can now download Contract Note for Upstox Traders. Contract Note is a legal obligation of every stockbroker.
In conclusion, it is the confirmation of trade, done on a particular day on behalf of a client on a stock exchange. It is generally sent by End of day. Additionally, this document is available in a digitally signed electronic format. Moreover, to view the details of segment-wise profit and loss, the taxpayer can download the Tax P&L Statement from their Upstox portal.
Steps to Download Contract Note for Upstox Traders
- First You need to visit the Upstox Back-Office Portal.
You can do it from here.
- Enter the following details and click on the “Login” option:
Select the User-Type from the drop-down list
User Code
Password
- You will land on the homepage post login
Click on the Download > Digital Sign option from the dashboard.
- Next, select the “File Type” option and
From here click on the “CW-Contract Note” option from the drop-down list and finally click on the “Go” option
Sample Contract Note from Upstox
The Upstox Contract Note contains details such as:
- Time of order placed
- Security name and codes
- Gross rate of the transactions (before deducting brokerage)
- Net rate of the transaction (after deducting brokerage)
- Cost(s) levied on the transaction
This Contract Note is sent every evening to the registered email ID.
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FAQs
A contract note is a legal record of any transaction carried out on a stock exchange through a stockbroker. It is the confirmation of trade done on a particular day on behalf of a client on a stock exchange.
Tax Audit is required when the turnover of a taxpayer exceeds Rs. 1 cr in a particular Financial year and if the net profit from such transactions is less than 6% of the turnover. Filing Tax Audit is compulsory in order to file ITR. Tax Audit can only be filed by a CA.
You can download the Upstox Tax P&L Statement from the dashboard by clicking on Bill > Profit/Loss after logging into the Upstox Backoffice portal.
Hey @TeamQuicko
Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?
Thank you!
Hey @TanyaChopra
This quarterly breakdown of Dividend Income under IFOS will help to calculate and determine penalty u/s 234C for the delay in payment of Advance Tax.
Hope this helps!
I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?
Hey @HarshitShah
After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.
Hope this helps!
Hey @HarishMehta
Yes, dividend income is now taxable from FY 2021-22 onwards and it has to be reported under the head of IFOS.
You can read more about it here:
Hi @Maulik_Padh,
You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR
Here are some of the articles which might help
Hi @ameyj
The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.
Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.
Hope this helps
Hi @ameyj
You can submit a grievance on Income Tax Portal mentioning the issue and also attach the 26AS.
The other option is to leave it as it is and clarify it when the tax department sends the notice.
Hi @TeamQuicko
Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.
The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.
Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…
@Saad_C @Laxmi_Navlani @Divya_Singhvi @Kaushal_Soni @AkashJhaveri can you help with this?