Dividend reporting on quicko

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

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:

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

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.

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:

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.

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.

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.

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

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:

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

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.

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

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:

Hi
I have a question about STCG.
Suppose STCG is the my only source of income and I have an annual income of 5 lakhs through this. Will this be still taxed at 15%?

@Sakshi_Shah1 can you help ?

Hey @Girimon_Vasudevan

STCG would be taxed in the following manner:

  1. STCG on sale of listed shares and securities - taxed at 15% u/s 111A
  2. STCG on sale of unlisted shares and securities - taxed at slab rates
  3. STCG on sale of other assets - taxed at slab rates

If you’re a resident as per Income Tax Act and have no other incomes, you can claim shifting benefit. Thus, taxable income = STCG - basic exemption limit. This income would be taxed at 15% u/s 111A.

To calculate tax liability, use our Income Tax Calculator