About mutual funds

196 views
User Avatar

Student CA Final
73 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.
0 Reply Share Follow
On 06 May 2020 at 09:14 Report
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.

User Avatar

837 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.
1 Reply
On 06 May 2020 at 12:15
User Avatar

*****Accountant***** Never insult to a
1448 Points Posted on 06 May 2020

Investments

👇

Asset

👇

Balance sheet

If redeemed then exempt income to be shown in itr. 

Reply
On 06 May 2020 at 16:17

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading