I am shareholder of local Cooperative Vyapari bank where shares worth Rs 1000 were purchased 20 yrs ago. Not listed and not traded.
The bank issues total dividend per year something like Rs 60 to Rs 70 per year.
Which section of ITR2 such dividend is to be reported? Is this non-taxable or taxable?
ITR 2 under Income from Other sources. Taxable.
Ok thank you Dhiraj Sir.
Does taxpayer need to report the Vyapari Cooperative Bank shares in the Unlisted shares table?
Do we report this Cooperative Bank shares in Schedule PART A GENERAL Unlisted shares?
No if the bank is registered under Cooperative society act and not under companies act.
| Originally posted by : Dhirajlal Rambhia | ||
 |
No if the bank is registered under Cooperative society act and not under companies act. |  |
How will taxpayer find out if the Local Cooperative Vyapari bank is registered under which act?
The bank has following mentioned on its web portal:
RBI License: MH-730-P10/12/1986 Co-op. Reg. No. : 30797 Dt. 05/08/1961
So how to decide?
Co-op. Reg. No. : 30797 Dt. 05/08/1961 .....
| Originally posted by : Dhirajlal Rambhia | ||
|
Co-op. Reg. No. : 30797 Dt. 05/08/1961 ..... |
|
Okay since these local cooperative banks are under Cooperative Acts, we can skip declaring the shares of this bank. But still we have to offer the minute dividend it pays as consider as Income (taxable).
More detailed information now provided by Income Tax department today.
https://economictimes.indiatimes.com/wealth/tax/itr-filing-faqs-heres-what-to-do-if-you-dont-have-pan-of-unlisted-company/articleshow/70599931.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23
Question 9: Please clarify whether holding of equity shares of a Co-operative Bank or Credit Societies, which are unlisted, are required to be reported?
Answer: The details of equity shareholding in any entity which is registered under the Companies Act, and is not listed on any recognised stock exchange, is only required to be reported.
CAclubindia
