Income Tax for dividend FY 23-24

This query is : Resolved

D M (Querist)
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17 July 2024 Hi Team,
I would like to know how dividend income is considered for taxation.
If I receive dividend in bank Account between 1st April -31st March in a year is it considered for taxation or when the dividend is declared by companies for that Year FY 23-24 but received in bank account in FY 24-25

As I have received dividend income in FY 24-25 but it is there in TIS for FY 23-24.Can you please help?

Also if you tax filling is incorrect for e.g if you were supposed to 100 but due to incorrect calculation pay 98 .Then how is penalty or fine been charged for the difference?

Thanks,
Dipti Mallya

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 July 2024 Consider the data as per AIS/TIS details for error free filing.
Any shortfall in the tax liability is demanded by utility before uploading the ITR.

D M

D M (Querist)
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17 July 2024 But how does the TIS /AIS know in advance that this will be the dividend amount to be received for FY 23-24.

Do Companies giving dividends have to inform them in advance this would be the amount based on our information?

As I have received dividends in FY June 2023 stating final dividends for FY 2022-2023 and this Year in June 2024 I have received dividends stating on remarks for few Final dividends FY 2023-2024. As in TIS Amounts are by total it is very difficult to understand which amounts are considered.

Also few received in July 2024 might be for FY 2023-2024.It is very confusing ?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 July 2024 SFT filed by deductor specifies its tax year and the TDS deducted over any dividend amount.
Generally the aggregate figure given is considered for its simple calculation.