tsm2813 (Retired) (33 Points)
17 July 2012I 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.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 17 July 2012
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.
Prakshal M. Shah
(CA & M.Com)
(69 Points)
Replied 17 July 2012
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.
CA.Anupriya Agarwal
(Practising CA)
(110 Points)
Replied 17 July 2012
you should definitely file ITR 2 and disclose the exempted income to be on the safer side.
anshul
(BA)
(68 Points)
Replied 17 July 2012
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
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 27 July 2012
PF withdrawal (recognised) after 7 years of continuous service is not taxable
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