Upstox Turnover Explained: Why the Numbers Differ and Which One to Use for Tax
Note: This is general information, not tax advice, and tax rules change. Verify the current figures against the Income Tax Act, the relevant Finance Act and ICAI guidance, and confirm your own position with a qualified Chartered Accountant.
The two definitions of turnover
In everyday finance, turnover often means the total value of trades executed. For income tax in India, turnover has a precise meaning set by ICAI: the absolute sum of realised profit and loss per trade or settlement. These are not the same number, and Upstox may show the former while your CA uses the latter.
The option-premium gap
Before August 2022, a common method added the premium received on the sale of options to turnover. For active option sellers, that premium runs into lakhs and inflates the figure dramatically. The ICAI 8th-edition Guidance Note (14 August 2022, applicable AY 2022-23 onward) removed this add-back entirely. If an Upstox report still includes premium, the number will be far larger than the correct ICAI figure.
Which Upstox export to use
Export the Tax P&L or the segment-wise realised P&L for the full financial year. This file shows the realised profit or loss per trade or settlement across F&O, equity intraday and equity delivery. The Upstox export guide has the exact steps. Do not use the contract notes or the order book, which show execution prices, not net P/L.
How to recompute the correct turnover
Take the per-trade realised P/L figures from the Upstox export. Add the profit on winning trades to the absolute value of the loss on losing trades. That sum is your ICAI turnover. The free F&O turnover calculator does this from a list of P/L figures. For a full report that imports directly from the Upstox file, use Aktai Tax.
What to do with the number
Run your ICAI turnover through the audit checker to see whether a 44AB audit applies and whether 44AD is available. If you trade on Upstox and one other broker, upload both files to Aktai Tax to get one combined figure. See multi-broker turnover for how combining works.
Frequently asked questions
Why does Upstox show a higher turnover than my CA?
Upstox may compute turnover on a different basis from the current ICAI absolute-sum method. Older reports also added option sell-side premium. The ICAI 8th-edition Guidance Note (August 2022) removed the premium add-back. Your CA uses the ICAI figure, which is smaller and is the correct one for audit thresholds.
Which Upstox file should I export for tax?
Use the Tax P&L or segment-wise realised P&L export for the full financial year (April to March). This shows realised profit and loss per trade or settlement, which is the correct input for ICAI turnover. Do not use order books or portfolio snapshots.
Does Upstox include charges I can deduct?
Yes. The Upstox Tax P&L export includes brokerage, STT, exchange charges, SEBI charges and GST per trade. These are deductible trading expenses that reduce your taxable F&O profit.