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Dividend Income In ITR

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Mohanraj J

1238 Points Posted on 24 July 2021

Dear Friends,

We need to show Dividend Income in ITR? I received just 15K in the FY 20-21.

Replies (5)

Quick Summary

This discussion clarifies that dividend income, even a small amount like £15K, must be declared in your Income Tax Return (ITR) from FY 20-21 onwards. If you've already filed your ITR without declaring it, revising the return is recommended. However, if dividend income is your only income and it falls below the basic exemption limit, the tax authorities might not pursue it, but revising is still the safest approach.

CMA Poornima Madhava

CMA

13117 Points Posted on 24 July 2021

Yes, it has to be disclosed and it is taxable from fy20-21 onwards.

Mohanraj J

1238 Points Posted on 24 July 2021

OMG I filed ITR2 without showing this. There is no any other income for the FY 20 21. Do I need to revise return? else will leave it

CMA Poornima Madhava

CMA

13117 Points Posted on 24 July 2021

Yes, actually it has to be revised.

However, if there is no other income, then technically there is no revenue loss to the govt considering the basic exemption limit. So we may take advantage of this i think. You may wait for the summary assessment and then decide I think.