Why one should keep a contract note for reference?

Question

Why one should keep a contract note for reference?

Accepted Answer · 2019-07-30

The contract note can act as a cross reference in case of doubt to any transactions as you can verify the genuineness of the same on the BSE/NSE website. This document is a prerequisite for filing a complaint or arbitration proceedings against your broker. You should always insist on timely delivery of contract notes from your broker. Contract note is your daily ledger, so one should have to keep track of it for year-end tax filling. It helps you in following ways:

Calculation of Capital Gains
Calculation of total brokerage and other charges charged
Cross examining genuineness of the transactions
Calculation of data for filing Income Tax Return
Legal Proof in case of dispute with broker

Why one should keep a contract note for reference?

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