How to Download Upstox Tax Report and File on ClearTax

ClearTax has partnered with Upstox to help users to update capital gain/loss from the sale of shares and redemption of mutual funds in the income tax return. Instead of manually entering the details, the users must download the Tax Report from the Upstox Keystone website and upload it on ClearTax. You can read this guide to know how to capture the capital gains transactions on ClearTax.

Here is the step-by-step procedure to download the capital gains details from the Upstox Keystone website and upload it on the ClearTax platform.

Steps to Download Upstox Tax Report

Step 1:  Go To https://keystone.upstox.com and enter your mobile number to sign in.

Step 2: After login, click on the ‘Reports’ tab.

Step 3: Now select ‘Profit & Loss’ from the dropdown.

Step 4: You can see scrip-wise profit and loss details. Click on the ‘Tax’ tab.

Step 5: Now select the financial year you want to file ITR.

Step 6: After selecting the financial year, click on the ‘Download Report’ button.

And your tax report is downloaded!

Steps to Upload the Upstox Tax Report

Step 1: Go to the ‘Income From Capital Gains’ page and click on ‘Upstox’ as shown below.

Step 2: Choose your Tax report from here. And enter the password in the below textbox if the document is password protected.

Step 3: After you choose your file, you can click on the ‘Proceed’ button. 

And here is how you can upload share trading and F&O details in your income tax return. After uploading, it will show you the summary of your short-term capital gains/losses(STCG/STCL) and long-term capital gains or losses (LTCG/LTCL). 

Scroll down, and you will automatically see all the individual transactions captured and grouped into long-term and short-term capital gains. If you wish to make any changes, you can also edit or delete them. 

Intra-day trading transactions will get updated in the ‘Business Income’ section under the ‘Speculative Income’ head.

This is the quickest way to compute your capital gains and their taxes. 

No need to figure out which ITR form is to be filled. ClearTax automatically selects ITR forms for you based on the type of income captured. 

Frequently Asked Questions

How to Access the Upstox tax report?

You can download the tax report from the Upstox Keystone website. Follow the steps below to fetch this statement:-

• Log in to https://keystone.upstox.com
• Go to the ‘Reports’ tab> Select ‘Profit & Loss’> Go to the’ Tax’ tab
• Select the relevant financial year
• Download the tax report

Which ITR form applies to Upstox users (for both investors and traders)?

ITR form should be chosen based on the nature of income earned. If you deal in equity shares and mutual funds, it should be categorised under ‘income from capital gains’, and you can file ITR-2. 

However, if you are into intraday trading (speculative trading) or F&O, it falls under the head’ Income from Business and Profession’, and you can file ITR-3. ClearTax can help you find the correct ITR form per your financial details.

What do you mean by realised and unrealised profit in Upstox?

An unrealised profit is a theoretical profit in your broker’s account resulting from an investment not yet sold for cash. A realised gain or loss occurs when you sell an investment, and the sale proceeds are credited to the bank account.

How to file taxes if I have trading accounts from Zerodha, ICICI direct and Upstox (multiple brokers)?

You can upload the tax reports of Zerodha, ICICI Direct, and Upstox on ClearTax (you can upload the tax statements of all the brokers we support), and the platform will capture it auto-prepare the return.

How to do tax-loss harvesting while filing ITR through ClearTax?

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You can add the previous year’s business losses/capital losses /depreciation details on the ClearTax. It will automatically adjust such brought forward losses with the current year’s income if eligible for set off per the income tax rules.