I am a salaried employee and need to file IT returns. I have income from house rent ( one house) , Income from interest from bank deposits & income from Dividend from stocks . I have not sold any stocks in last financial year so I do not have any LTCG or STCG.
Can you please let me know if the dividends from stocks is exempt from tax or not. If yes should I use ITR1 or ITR2 to file my returns ? I could not find any Exempt field in ITR1 so I am not sure about it.
Dividend from Stocks are exempted from income tax.
Since you are having salary income only and other sources income, you should use ITR 1 form. No need to show dividend income.
In case you wan to disclose the same, then fill up ITR 2. In the exempt income page, show the dividend income.
Dear ,
as per my view, you r required to show exempt income also. so even if dividend is not taxable but exempt u should file itr 2 and show dividend as exempt income.
thx.
you should definitely file ITR 2 and disclose the exempted income to be on the safer side.
What about PF withdrawal?
Should it be mentioned in ITR 2. If yes, where?
P.S.: I had switched job after 7 years of continuos service.
Thanks
PF withdrawal (recognised) after 7 years of continuous service is not taxable
CAclubindia
