Tax on dividend received in trading business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2012
I show my income from share trading under "Income from Business". So my question is do I have to show dividend received by crediting it to P&L A/c, being indirect income or can I show it under "Other Incomes" ?
10 February 2012
Dividend is shown under the head IFOS but it's not an "other income" as it is incidental to the business.
.
It can be shown in profit & loss A/c in the name of Dividend.
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In computation of total income it can be separated from Business income and considered as an exempt income under the head Income From Other Sources.
.
.
It can be shown in profit & loss A/c in the name of Dividend.
.
In computation of total income it can be separated from Business income and considered as an exempt income under the head Income From Other Sources.
.
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