01 August 2021
Till FY 2019-20 I was considering Dividend payouts from Mutual Funds ( based on receipt basis , that is, when the Dividend was credited into my bank account. As the total dividends were less than Rs 10 lakhs, this was exempt. Now from FY 2020-21, Dividends will be taxed in our hands . While considering such Dividends, I found that two dividends received by me in April 2020 was actually of FY 2019-20 as the Mutual Funds have not covered these in their Form 16A. Had I included these in my Return for FY 2019-20, these would have been exempt. But now in FY 2020-21 it becomes taxable. Is there any way to claim a relief?
01 August 2021
'Cash system' followed in last year for dividend . This may be followed in all the coming years to maintain 'consistency', otherwise litigation may arise.
CAclubindia
