New ITR Forms for AY 2021-22

Hey there!

Before one starts filing their ITR, it is important to know which ITR form is applicable to you. The IT Department issues ITR forms based on:

  1. The Type of Taxpayer,
  2. Source of Income earned by the taxpayer.

The Income Tax Department has prescribed 7 different ITR form numbers and taxpayers have to choose the one which is applicable to them.

The ITR Forms prescribed for Individuals (Non-corporate assessees) are:

The Income Tax Department recently released the New Income Tax Return Forms for the FY 2020-21 i.e. Assessment Year 2021-22.

Read more about which form to fill:

Have questions about which form to fill? Shoot’em, and we will take care of the rest!

Hey @TeamQuicko

Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

Thank you!

Hey @TanyaChopra

This quarterly breakdown of Dividend Income under IFOS will help to calculate and determine penalty u/s 234C for the delay in payment of Advance Tax.

Hope this helps! :slight_smile:

Hey @TeamQuicko

Is dividend income taxable now? How do we report it?

I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

Can you clarify me how much tax i pay on online upi bank transactions

Hey @HarshitShah

After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

Hope this helps!

Hey @HarishMehta

Yes, dividend income is now taxable from FY 2021-22 onwards and it has to be reported under the head of IFOS.

You can read more about it here:

My realized profit is positive
But my net realized profit is in negative (as it subtracts brokerage and charges)

Do I still have to pay tax on realized profit?

Hi @Maulik_Padh,

You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR

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