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regarding exempt income from shares & mf dividends

23 April 2018

retired senior citizen (77) other than pension also receive dividend income ( EI) from shares & mf, also ppf interest (EI). ITR 1 has got the relevant spaces/columns to show?

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 23 April 2018

" ITR 1 has got the relevant spaces/columns to show?"

Yes.

You can add rows in...... iv. Others

Ashok Verma (9 Points)
Replied 09 May 2018

Does the limit of exemption (10 Lakh) on dividend income apply to MF or Shares?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 09 May 2018

As per section 115BBDA of IT act, it is applicable over dividend 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.