Dividend reporting on quicko

Platforms Tax Filing App
1

Hi,
I have two questions.

  1. Do we need to pay additional tax on dividends as TDS is already deducted at the time of pay-out,
  2. How do we report dividend income in QUICKO. Are the details directly imported from ZERODHA? If not how do we do it manually?
    Thanks
2

Hi @Girimon_Vasudevan,

  1. Dividend incomes will be taxed as per your slab rate. TDS is deducted on dividend incomes at a flat rate of generally 10%.
  2. You will have to report dividends income on the Quicko platform using your AIS, as all dividends are not reported in Zerodha reports. You can also refer to your Bank Account Statement and enter your dividend incomes on your platform.

Let me know if you have any further queries. Would be happy to help. :blush:

3

Thanks. AIS doesn’t show this FY data. Can I use the data from TRACES?

4

Hi @Girimon_Vasudevan, TRACES will only be presenting you with the incomes on which tax is deducted.
So it is recommended that you take the data from your Bank Statement for now or wait for AIS.

5

Thanks @Yash_Kaviya
The issue is that I have to make the final Installment of advance tax before 15th March. Just wondering why AIS is not updated with this year’s data.Will have to deep dive into the bank statement :smile:

6

Always happy to help @Girimon_Vasudevan, the AIS got updated quite recently with the new information but there is no certainty that there will be all those details. The only reliable way is to look at your bank statement.

7

Thanks once again @Yash_Kaviya
I have one more query. Suppose I have 1500000 from STCG & 1500000 from business income for a year. What will be my effective slab rate for the business income. I am asking because I will already be paying flat tax for STCG at 15%.
Thanks.

8

Your effective slab rate for business income of 15,00,000 will be 12.5% + HEC (new regime) and 17.5% + HEC (old regime). Hope this resolves your query @Girimon_Vasudevan
For your STCG, you are right, you’ll be paying a flat tax of 15%+ HEC.

9

Thanks. Is HEC taken care of in the QUICKO calculation? Or do we have to add on?

10

Hi @Girimon_Vasudevan, our system incorporates HEC automatically during the tax calculations.
Let me know if you need any further assistance, would love to help out. :blush:

11

Hi
Two more question…:smile:

  1. Regarding tax loss harvesting, since we pay advance tax by 15th March, what ever harvesting we do post that date can only be claimed as refund while filing our ITR. Please correct me if I am wrong.

  2. Last date for payment of advance tax is 15 Mar.
    When do you pay the advance tax for gains realised between 15 & 31 March?

Thanks

12

Hi @Girimon_Vasudevan, questions are always welcome. :smiley:

  1. Right, it can only be claimed as refund while filing the ITR.

  2. You will need to pay Self-Assessment Tax after 31st March.

13

Hi
Can I do tax loss harvesting on 31st March by selling my STCL stocks? Will it be considered for this FY or next?
Thanks

14

Hi @Girimon_Vasudevan, yes today being the last day of the financial year, you can still sell your STCL stocks for tax loss harvesting purposes. The same shall be considered for this FY 21-22.
Always happy to help. :blush:

15

2 posts were merged into an existing topic: STCG and LTCG Taxation

17

I believe there is a bug in your system. 194k dividend income picked up from my 26AS get parsed file but while filing I get a validation error saying income not reported but tax credited and there is no way to proceed with the filing. I have already opened a ticket. Can this be fixed before the deadline?

18

Hey,

TDS is already deducted from my dividend income. So while filing tax in quicko I need to enter the amount which I received in the bank after TDS deduction or do I need to enter the amount received in the bank + TDS?

19

Hey @Shrutika_Shah , can you take a look at this?

20

The actual bug is in populating the TAX credit form. The 194k entry in 26AS is parsed but the drop down is set to capital gains instead of other income. The form and review sheets all look good but validation fails just before e-file and the warning does not show where to fix it. It took me a while to figure this out and manually change the drop down and then it validated. Request you to fix it for others. Its not much work

21

tagging @Sreetama_Chakraborty