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Which ITR I should file

Arul Thangam (MBA) (31 Points)

20 October 2021

I am a student. Got my new PAN card last year. Newly opened one demat account. My father transferred some amount to my demat account. I bought IRFC stocks. I got dividend amount (deducting TDS) credited into my bank account. For FY 2020-21,

1) which ITR I should file?

2) Will i got refund of that deducted TDS after ITR filing

Thanks & Regards

Jenefa

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8 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 20 October 2021

File ITR 1

Kev Men (756 Points)
Replied 20 October 2021

You can file ITR 1. You will get the TDS amount as refund if your total net taxable income is below 250000.

Arul Thangam (MBA) (31 Points)
Replied 20 October 2021

Sir i am not salaried and no income. I am first year BDS student. Can i use itr1?

Kev Men (756 Points)
Replied 20 October 2021

Yes you can use ITR 1. It is a basic ITR. You will have to show dividend income and TDS on dividend income inorder to claim the TDS as refund...assuming net taxable income is below Rs. 250000.

Arul Thangam (MBA) (31 Points)
Replied 20 October 2021

ok sir

one more doubt. my father transferred 2 lakhs to me which i transferred to my demat account and purchased IRFC stock. Should i mention that 2 Lakh (my father's fund) in my ITR 1 filing?

Sincerely

Jenefa

Sivaramaraju G (Learner) (2398 Points)
Replied 21 October 2021

1.You can go with ITR 1 or ITR 2.

2. you no need to show any of your assets in ITR 1 or ITR 2.

one more clarification is if you got gift from your father means you are the owner of the funds not your father. why i am giving clarification is you put in bracket that is father's fund.

if you are a minor then only it will be clubbed under your father's return. as you are a BDS student you must be a major. hence it will be your income(dividend) and assets(stock bought out of gifted amount)