Ask anything about taxation in India!

Hey Traders,

The Tax filing season has begun!

The due date to file your Income Tax Return is 31st July, 2023.

As you sit down to prepare and file your taxes, you may have a lot of questions. Upstox has partnered with Team Quicko and they will help you with any queries relating to taxes on equity, intraday, F&O, or Commodities Trading.

Shoot your questions!

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Intraday F&O trades done in index options contract such as NIFTY and BANKNIFTY comes under speculative business income or normal business income?

Also My AIS statement does not show any intraday transactions of Equity as well as index F&O?
but shows all the transaction of delivery based trades.

So what ITR should I file ITR2 OR ITR3?

Hi @CE5464

Intraday trading is considered speculative business income.
F&O trading is considered non-speculative business income.

As correctly mentioned by you, AIS as of now does not show the details of Intraday & F&O. However, you should report the actual trading done in your ITR.

Hence, if you have traded in intraday and/or F&O you should file ITR 3.

Here’s a read about Income Tax on Intraday Trading - Learn by Quicko and Tax on F&O - Futures and Options Trading - Learn by Quicko for your reference.

Hope this helps.

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Hello How do I download all the past financial year’s contract notes for IT purposes at the same time?
Do I have to download all the contract notes one by one?

Can you categorize F&O profit under short term capital gains?

Hi @aagam_vora

F&O profits will be considered as non-speculative business income.

Hi @Mihir_Karani,

Please follow these steps:

  1. Login to the Upstox app using your 6-digit Pin or Biometrics
  2. Click on the Profile icon under account
  3. Click on ‘My account’
  4. Select reports
  5. Click on Miscellaneous report
  6. Click on filters and select the required segment, report type, Financial year and date
  7. In ‘Report Type’ select ‘Contract’
  8. After selecting the required details click on Get Report
  9. Click on the required report to download

Hope this helps!