Is upstox providing incorrect tax information?

General
1

So here is a sample from my tax report on how upstox is calculating turnover

Scrip Name Scrip Code Symbol ISIN Scrip Opt Qty Buy Date Buy Rate Buy Amt Sell Date Sell Rate Sell Amt Days Total PL Short Term Long Term Speculation Turn Over Strike Price
BANKNIFTY BANKNIFTY BANKNIFTY CE 30 31-10-2023 ₹160.00 ₹4,800.00 30-10-2023 ₹65.70 ₹1,971.00 1 -2829 -2829 6771 42900

Here is upstox’s own document on how to calculate turnover for FnO

As per the doc and the law here is what should be the turnover -

p/L = - 2829
Premium = 1971
Turonver. = 4800

However the reported one is 6771 which will lead to higher tax payment for all of us. I am not sure for how many years in the past this incorrect turnover is there.

I have escalated this ticket around 10 times up to their CEO desk and they have only saying we will get back to you for around 3 months now (not exaggerating). I just wanted to validate have any of the community noticed this issue or you don’t depend on upstox report for filing your taxes?

Please let me know if there is any issue with my understanding or calculation.

2

Hey @Ankit_Agarwal , thank you for reaching out to us. We are actively looking into this and will get back to you with an update.

3

@Vaibhav_Naik Any update on this?

4

Hey @Ankit_Agarwal ,

We understand how important this is for you. We are actively working on your concern. We request your patience in the meantime.

5

I understand that @Vaibhav_Naik but it has been over 3 months, it would really help atleast if you can share why a simple query like this is taking 3 months. If this is indeed a legal mistake on your side all your customers deserve to know.

6

Hi @Ankit_Agarwal ,

Our team of experts is currently conducting a thorough verification of all pertinent details. We are committed to providing you with the most accurate and up-to-date information, and we expect to have an update by next week.

We appreciate your cooperation and assure you that we are working diligently to address this matter.

7

@Vaibhav_Naik

Why upstox is behaving like SBI? It has been almost 4 months now, to resolve something that is fully available online with all proofs?

Please let me know if you can resolve it by this Friday, alternatively I will take it with SEBI over the weekend.

Cheers

8

Hi @Ankit_Agarwal ,

Thank you for bringing this to our attention. We have identified the cause of the discrepancy and are actively working to fix it as a priority. As we go through our development and release cycle, the public availability of the fix might extend into next week. We ask for your patience as we diligently work on resolving this issue.

We truly appreciate the time you took to highlight and escalate this issue.

Thank you,
Raviteja Srigiriraju
Associate Director, Product Management

9

Thanks @Raviteja ,

Can you confirm how many years in the past retrospectively we need to modify our tax returns with ITR department?

Also, is your team going to facilitate this for all your customers to make it easy on us?

10

@Raviteja @Vaibhav_Naik

Still no update?

Have you fixed the issue? What are you doing for previous years filed returns? Are you working with the government to resolve those or you just don’t care?

11

Hi Ankit,

There is no need for you to retrospectively change your returns. The F&O turnover calculation method was changed starting from AY 22-23.

The reports and help centre articles are updated with the latest ICAI tax guidelines.