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Dividend Taxable or Exempt

AMBER (Student) (160 Points)

28 September 2018

Sir
Received Dividend from Mutual Fund for FY 2017-18 of Rs 16 Lacs whether dividend is Taxable or not

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 28 September 2018

EXEMPT

rama krishnan (12234 Points)
Replied 28 September 2018

taxable subject to conditions enumerated in section 115bbda

61[Tax on certain dividends received from domestic companies.

115BBDA. [1] Notwithstanding anything contained in this Act, where the total income of 62[a specified assessee], resident in India, includes any income in aggregate exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company or companies, the income-tax payable shall be the aggregate of—

[a] the amount of income-tax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at the rate of ten per cent; and

[b] the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of income by way of dividends.

[2] No deduction in respect of any expenditure or allowance or set off of loss shall be allowed to the assessee under any provision of this Act in computing the income by way of dividends referred to in clause [a] of sub-section [1].

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