To understand your trading activity and the income tax compliances, you need certain documents like Tax P&L, Contract notes, Holding Statement, etc. But, before you get any of these documents you first need to have a Sharekhan Demat account and log in.
This article will guide you through the following:
How to Create and Log in to Sharekhan?
- Visit the Sharekhan website
Click on Open an account. You can access it here.
- Click on Open trading account
As seen below:
- After that, fill in your details
Including:
-Name
-Email id
-Mobile number
-Location
-Pincode - Next, click on Open trading account
As seen below:
- Online process of account opening is completed
Finally, the process is offline from here.
- A sales representative will shortly contact you
After that, will require documents such as:
-Self-attested PAN
-Self-attested Aadhaar
-Passport size photo
-Canceled cheque or bank passbook to link with your account - Finally, once your documents get processed, your account will get activated.
You will receive a notification for the same.
8. Sharekhan login
Once your account is activated, navigate to the website and enter your user id and password and click on login.
How to download Ledger for Sharekhan traders?
Here’s how you can download the ledger from your account:
- Step 1: Log in to Sharekhan portal
- Step 2: Click on Reports
- Step 3: Select the ledger of any segment that you want to view. Eg: Equity Ledger Summary
- Step 4: From the options, click on Equity Ledger Summary
- Step 5: Select the necessary filters. Click on Show. You can now view your Ledger summary.
- Step 6: Click on the excel sheet to download the ledger. You can view it from your PC
How to download Tax Profit and Loss Report?
- Step 1: Log in to the Sharekhan portal and login to your account.
- Step 2: Search for Scrip summary. You can do this from the search bar. You can view the scrip summary separately for all the segments i.e Equity or F&O.
- Step 3: Now you can now view your Scrip summary from the dashboard
- Step 4: Click on the Excel sheet. Click on download your scrip summary
How to download Contract notes for Sharekhan traders?
- Step 1: Visit the Sharekhan portal and click on the “Login/Trade” option
- Step 2: Next, you will be redirected to the login page. Enter the login ID/e-Mail ID and click on the “Next” option. Then fill in the “Membership Password” in the respective field.
- Step 3: After you log in, click on the “Reports” option and select this from the dashboard
- Step 4: Next, click on the “Contract Tracker” option from under the particular column. Select which Contract Note you wish to view/download.
FAQs
This statement is used to calculate your Tax liability. Therefore, it is needed to file ITR 3.
A Demat account holds securities and certificates of stocks, shares, etc electronically while a Trading account lets you buy or sell those securities in the stock market.
No. The Contract Turnover is the sum of the purchase value and sales value. It is not considered for income tax purposes. However, the Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. Hence, this turnover is considered to determine the applicability of the tax audit and the applicable ITR form. Therefore, Trading Turnover is different from Contract Turnover.
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?