How dividend income should be shown?

ITR Filing 449 views 4 replies

Richa Patel

Article

166 Points Posted on 18 August 2021

Hi All...

Just wanted to ask how is dividend income being shown in income tax return? As per new requirement the dividend income is to the shown in return alongwith dates but this indeed becomes every tedious task in case of persons having huge income from dividend.

Also anyone using spectrum can guide how it is to be shown?

Should dividend from mutual funds and shares shown as a combined figure or different figure?

Replies (4)

Samantha J

1236 Points Posted on 18 August 2021

Dividend income has to be shown "quarter wise " as per Inc tax definition of quarters ( five quarter in a previous year.)
Use Excel . Yes it's tedious but there's no way out. For dividend , there is some sec which has to be used for classification .That sec is there in the utility where dividend is to be filled .Just read it.As far as I remember it's not stating mutual fund and share segregation.The segregation between MF and share is for LTCG STCG income not for dividend income.
What is spectrum?

CA Raj Doshi

Practising CA

8954 Points Posted on 18 August 2021

You can choose to report in 1st quarter for practical purposes where the dividend income is small and/or the interest component is not huge or there is no final tax liability

Samantha J

1236 Points Posted on 18 August 2021

If quarter wise is not shown it may result in validation errors!

J S BHAVSAR

CONSULTING

1320 Points Posted on 19 August 2021

Simply take all your dividend credit entries that came in the bank account(s) by date, starting from 1st April 2020 upto 31st March 2021. Then group them in respective quarters. Adjust those entries in the excel as per the quarter dates defined by the Income Tax department. The quarter breakup should total the actual total of Dividend reported on Schedule IOS.