Are you not sure about how to enter your capital gains information while filing ITR?  ClearTax provides a simple tool to those trading on the Kotak Securities platform to capture the capital gains details. Unlike other platforms, you can simply copy your trading information on the ClearTax excel utility and upload the same on ClearTax. It will automatically capture the data in the relevant fields and computes capital gains tax based on the details captured.  

Read the process below to learn how to use the ClearTax utility tool. 

Steps to Capture Share Trading Details Using ClearTax Excel Utility

Step 1: Go to the ClearTax platform (www.cleartax.in) and click on the ‘Get Started’ button.

Step 2: Now click on the ‘Try Now’ button as shown below to file ITR and login to your account

Step 3: Add your ‘PAN Card Number’ and ‘Date of Birth’ to link your PAN. You can proceed with the OTP verification through ‘IT Department registered mobile number’ or ‘Aadhaar registered mobile number’.

Step 4: After successfully linking your PAN, you can now pre-fill all your personal and income details. To do the same, give your consent to pre-fill the data by once again doing the OTP verification. 

Step 5: After successfully completing the OTP verification, start filling in your capital gains details. Just go to the ‘Income Sources’ and click to add capital gains details as shown on the screen.

Step 6: Click on ‘Click here if you sold any assets’ 

Step 7: If you are trading on Kotak Securities platform, you can capture your capital gains details using the ‘ClearTax excel template’. You can download the same as shown below. It is a very simple tool for capturing capital gains details. 

Step 8: Open the excel file downloaded and fill in the information. Please read the instructions sheet in detail before beginning to use the excel sheet. 

Keep certain things in mind while filling in the information in the excel tool as mentioned below:

• Fill in all the details in the excel sheet from the capital gain statement provided by the brokerage firm.
• If you have sold equity shares during the financial year, enter the transaction details in the sheet named ‘Sale of shares’, and if you have redeemed mutual fund units, then enter the details in the sheet named ‘Sale of mutual funds’. 

• You can copy and paste the information if the capital gain statement is available in excel format. However, it is important that you avoid certain mistakes while entering the details manually. Let’s see what they are.
  • If you have redeemed units from the Systematic Investment Plan (SIP), enter transaction-wise details instead of consolidating all the figures. It is allowed to copy the details in bulk and paste them into the sheet.
  • For equity shares transactions and equity mutual funds, you are required to mention ISIN details mandatorily. 
  • Don’t change the cell format. While pasting values use the ‘paste special’ function. 
  • The data in columns ‘H’, ‘J’ and ‘L’ in the ‘Sale of Shares’ sheet are auto-calculated. You should not delete or alter the same.
  • The data in columns ‘I’, ‘K’ and ‘M’ in the ‘Sale of Mutual Funds’ sheet are auto-calculated. You should not delete or alter the same. 

Step 9: Now save the excel sheet and click on the ‘Upload File’ on the ClearTax

Step 10: Now choose the report provider as ‘ClearTax Template’, upload the file and proceed

That’s it! In this way, you can upload 1000s of shares and mutual funds transactions in a minimum time slot. The capital gains transactions will be automatically captured under the head ‘Capital gains’ and intraday and F&O transactions will be captured under ‘Business Income’. 

It’s that simple for Kotak securities platform users to file their taxes.

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Frequently Asked Questions

Which ITR form applies to Kotak Securities’ users (long-term investors and traders)?

Gains from equity shares and mutual funds are taxed under the head ‘income from capital gains’. Individuals earning such income can file ITR-2 if they don’t have income from business or profession. However, if you have income/loss from intraday or F&O transactions or any other business, you should show it under the head ‘income from business and profession’ and file ITR-3. No need to choose the ITR form while filing returns on ClearTax. It automatically gets selected as per your financial details.

How to file taxes if I trade through multiple brokers? 

ClearTax has partnered with brokers like Paytm Money, Groww, 5Paisa, CAMS, Zerodha, Upstox, Kfintech, Sharekhan, ICICI direct, etc. You can upload the capital gains statement from all these brokers, and the ClearTax platform will auto calculate your taxes.

How does tax-loss harvesting work when I file through ClearTax?

You have to add the previous year’s losses/depreciation on ClearTax. Then previous year’s loss is automatically brought forward and adjusted with the current year’s income as per the Income Tax rules. 

Which incomes can I add while filing through ClearTax?

You can add all types of income while filing through Cleartax. For example, income from salary, income from business or a profession, rental income, gains or losses from equity and debt mutual funds, lottery winnings, interest income, dividends, commissions, etc.