Upstox allows you to download your Profit and Loss Report online. It is the same as a Tax P&L report, and it is an essential document to calculate income tax on trading income. Traders have a “Trading Statement” that consists of a list of transactions undertaken by the person in various segments during a specific period. It consists of details such as:
- Date
- Time
- Script Name
- Purchase price
- Sale price
- Segment
- Quantity, etc.
These details then help determine the Tax liability.
Steps to download Tax Profit and Loss report from Upstox
Follow these steps to download your Upstox Tax P&L
- Visit Upstox
- Login with your Upstox credentials
Enter the registered mobile number, OTP and 6-digit PIN
- Navigate to your Profile icon
Click on Reports & Corporate Actions
- Navigate to Reports
Click on Profit and Loss
- Navigate to Tax
Select the Financial Year and click on Download report
- An Excel sheet will be downloaded into your system
You can access this file from “downloads” on your PC
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FAQs
A tax Audit is compulsory when the turnover exceeds INR 1 crore in a financial year. Tax is also applicable when the turnover exceeds 1 crore and the net profit from FnO trading is less than 6%/8% of the turnover or there is a loss. A tax Audit report can only be filed by a CA.
No. Contract Turnover is the sum of the purchase value and sales value. It is not applicable for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. the sum of positive and negative differences. This turnover determines the applicability of the tax audit and the applicable ITR form. Therefore, Trading Turnover is different from Contract Turnover.
This statement is used to calculate your tax liability. Therefore, it is necessary to file ITR 2 or ITR 3.
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?