How to file ITR for Upstox?- How to Download the Upstox Capital Gains Statement?

What is an Upstox Tax P&L Statement or Capital Gains Statement?

Upstox is a stock broking website that allows users to trade in equity, mutual funds, and derivatives. Upstox tax P&L is a consolidated statement of all the trading-related transactions performed by its users during the year. Upstox traders can use it to determine which ITR to file and understand if a tax audit is applicable. You can also download the Upstox Capital Gain Statement from its website and use it in Upstox ITR filing.

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How to Download the Upstox Capital Gains Statement? (Web)

Upstox's capital gains statement is a statement of all the capital gains from shares, commodities, and derivatives. It consists of detailed information about the capital gains that have arisen from share trading. Here’s how you can download Upstox's capital gain statement from Upstox’s website -

• Step 1. Log in to the Upstox web platform.
  
  
• Step 2. Select 'Reports' to access the P/L statement.
  
  
• Step 3. Click on ‘Profit and Loss’ under ‘Reports.' Select the ‘Realised’ tab.
  
  
• Step 4. You have the option to either view and download the report using the provided options in the tab.Or alternatively, you can click on the 'Filters' tab to customise the date range for viewing/downloading reports
  
  
• Step 5. Select the financial year, then download or email the reports XLSX format.

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How to Upload Upstox P&L Statement on Tax2win?

After downloading the capital gains statement from the Upstox website, follow these steps to upload it on Tax2win’s website.

• Step 1. Visit the Tax2win page, and select File your return.
• Step 2. Now select ‘capital gains’ as your source of income and click on continue.
  
  
• Step 3. Now, navigate to the ‘Capital Gains’ section. Click on ‘Upstox’.
  
  
• Step 4. From the pop-up window, click on browse files and upload the P&L statement.
  
  

Alternatively, you can also upload Upstox P&L using the Tax2win template.

• Step 1. Click on the Tax2win Template.
  
  
• Step 2.
  Click the 'Download Tax2win Template' button in the first step to download the template. Fill in your capital gain investment details as instructed in the template. Then, upload the completed template by clicking the 'Browse Files' button. Tax2win will read your transactions and calculate your capital gains details within minutes.
  
  

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How do I download the Upstox Profit and Loss report? (Mobile application)

If you’re using the 4.0 version of the Upstox app, read this.
To get your Profit and Loss statement, you can follow these steps:

• 1.Login to the Upstox app using your 6-digit Pin or biometrics
• 2.Click on the' Profile' tab under 'Account.'
• 3.Click on 'My account.'
• 4.Select 'Reports.'
• 5.Click on 'Profit & loss Report.'

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How to Access Consolidated Tax Report Through Mobile?

To download your ELSS and Capital Gains on Mutual Fund report using the New Upstox App, follow these steps:

• Step 1. Log in with your 6-digit PIN or biometrics.
• Step 2. Switch to 'Upstox for Investors' to access your investment options.
• Step 3. Click on the 'Mutual Funds' section.
• Step 4. Click on 'Portfolio' and scroll down to find 'Your Portfolio'.
• Step 5. Click on the 'Tax Proof' option.
• Step 6. Download your tax report, including ELSS statements and Capital Gains.
• Step 7. Choose the financial year and download or email the reports in XLSX format.

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Tax Audit Applicability for Upstox

Traders generally use online trading platforms to trade in shares, commodities, securities, and currency. Activities like trading, equity F&O, equity intraday, currency, and commodity trading are considered business income. Therefore, you must determine if a tax audit is applicable to you as per the Income Tax Act. The applicability of tax audit is mentioned under section 44AB of the Income Tax Act.

Earlier, the turnover limit for the applicability of tax audit was 1Cr. However, post-Budget 2020, this limit was increased to 5Cr. provided -

• Cash payments should not be more than 5% of the total payments in the financial year under consideration.
• And also, the cash receipts during the year should not be more than 5% of the total receipts.

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Determine the Appropriate ITR Form

Upstox traders are required to file ITR every year at the end of the financial year. The Income Tax Law prescribes multiple ITR forms that have to be selected by the taxpayer based on his/her income type. The taxpayer needs to report his income, compute taxes, and deductions, claim TDS credit, and request a tax refund.

For example, if you have income from share trading, commodity trading, derivatives, etc., you need to file either ITR 2 or ITR 3. The type of ITR applicable to you depends on the nature of your income. For example, if the income from trading is capital gains, you have to file ITR 2, and if your income from trading is considered business income, you have to file ITR 3.

Tax2win’s smart AI-integrated ITR filing software automatically selects the applicable ITR form based on your sources of income and ensures that your ITR filing process is smooth and hassle free. File ITR with Tax2win now in under 4 minutes.

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What is the Due Date for Filing ITR for Upstox?

Just like any other tax filing, Upstox ITR filing is done at the end of a financial year. The due date for Upstox's tax filing is as mentioned in section 139 of the Income Tax Act. Given below is the ITR filing deadline for different categories of individuals -

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Calculation of Trading Turnover for Upstox

For calculating the trading turnover of Upstox, both the favorable and unfavorable transactions are taken into consideration. The trading turnover calculation method is different for futures and options. Here are the ways -

Trading turnover for Futures

• Turnover value is calculated in absolute terms
• Turnover = (Purchase value x lot size) - (Sales value x lot size)

Trading Turnover for Options

• Turnover for trading options is not calculated in absolute terms
• Turnover = Sale value + Absolute profit/loss

Let’s understand this with an example -

Now that you know that you need to report your income from trading in upstox in your ITR, it is also important to know that the ITR filing for FY 23-24 is ongoing, and failing to file your ITR by the deadline can attract heavy penalties and notices from the income tax department. With Tax2win, you can file your ITR online yourself in less than 4 minutes. And if you find taxes complicated, you can also seek professional help from a chartered accountant. File ITR Now with Experts!

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