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Dividend income year

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Manoj Pandey

88 Points Posted on 09 July 2023

Sec 8 of IT Act creates confusion because of use of 'previous year'. Can you kindly tell which of these dividend incomes will be taxable in the current assessment year (AY 2023-24) for which we are submitting ITR right now:

a- div for fy 21-22: received between 1/4/2022 and 31/3/2023
b- div for fy 22-23 received between 1/4/2022 and 31/3/2023 (=interim div for 22-23)
c- div for fy 22-23 received after 1/4/2023

Thanks in advance and regards!

Replies (2)

Quick Summary

This discussion clarifies which dividend income is taxable for the current assessment year (AY 2023-24). It addresses confusion arising from the term 'previous year' in tax law, specifically regarding dividends received between April 1, 2022, and March 31, 2023. The consensus is that dividends for FY 21-22 received during this period, and interim dividends for FY 22-23 received within the same timeframe, are taxable in AY 2023-24. Dividends for FY 22-23 received after April 1, 2023, will be taxable in the next assessment year.

CA. Abhilash Krishnan P

Chartered Accountant

325 Points Posted on 10 July 2023

A and b

Manoj Pandey

88 Points Posted on 10 July 2023

Abhilash Sir,
In that case, I can include all the dividend received (either as interim for the same year or final for the prev year) in my bank (of course, considering that it will be less by the amount of TDS ).

The confusion arises bec

- my bank has received nearly 50k (after adjusting for TDS)

- 26AS and AIS (first part) has nearly 45k

-AIS (second part- information provided) has nearly 60k.

So, I should go with the first one, I suppose.