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About mutual funds

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Dinesh sahu

Student CA Final

56 Points Posted on 06 May 2020

Whether investment in mutual funds should be shown in income tax return by an individual.
If yes, Then where I should show it.

Replies (2)

Quick Summary

This discussion clarifies how to report mutual fund investments on your income tax return. If you prepare a balance sheet, investments should be listed there. If not, only the dividend income, which is tax-free under section 10(35), needs to be disclosed as exempt income. Upon redemption, the exempt income should also be shown in your ITR.

Kiran Hathalia

460 Points Posted on 06 May 2020

If the balance sheet is prepared, then it is to be shown on the balance sheet side. If not, then only the income earned I. e dividend should be disclosed in exempt income as dividend from mutual fund is tax free u/s 10(35) of the Act.