New ITR Forms for AY 2021-22

Income Tax Forms & Documents
#1

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!

#2

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!

#3

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:

#4

Hey @TeamQuicko

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

#5

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?

#6

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

#7

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!

#8

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:

#9

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?

#10

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

Here are some of the articles which might help

#11

My TDS is deducted u/s 194 as reflecting in Form 26AS but I don’t see any transaction for that in my statements, & not able to find it. My total Dividend income is less that Rs. 5000/- but still TDS is deducted, why this has happened & where to check the details of TDS - On which amount / share / particular transaction TDS is deducted.?

#12

Hi @ameyj

The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.

Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.

Hope this helps :slightly_smiling_face:

#13

Thanks for info but there is no record anywhere of TDS deduction, only in form 26AS it is shown deductors name with Re1TDS on Amt of Rs. 10, Transaction Dt was Nov 20 & Booking date is Feb 2021.

Neither it is credited in my account nor there is any record anywhere. Neither I have received any SMS nor email on TDS deduction SO, how to find out & where? If there is no record then on what basis broker deducts ? what actions needs to be taken?

#14

Hi @ameyj

You can submit a grievance on Income Tax Portal mentioning the issue and also attach the 26AS.
The other option is to leave it as it is and clarify it when the tax department sends the notice.

#15

Hi @TeamQuicko

Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.

The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.

Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…

#16

@Saad_C @Laxmi_Navlani @Divya_Singhvi @Kaushal_Soni @AkashJhaveri can you help with this?

#17

Hey @Abdul_Kaleem_shah

As per sec.194 of income tax act, TDS liability will arise when the amount of such dividend or the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, exceeds 5000 Rs.

Here, the term company not includes aggregate companies and hence limit of 5000 Rs. should be applicable to each company.

Here, you can read below article covering TDS on dividend income:

Since, it is purely based on interpretation and ambiguous as opinion vary from experts.

#18

Thank you @Kaushal_Soni for your interpretation.

#19

Hey @TeamQuicko

I tried to file ITR-3 via Quicko’s integration with Zerodha. While filing the ITR, I got an option to switch to the New Tax regime to save additional taxes.
Since I had some turnover from intraday and FnO (speculative/ business), am I eligible to switch to the new regime through Quicko while filing?
How do I fill the Form 10-IE? If I haven’t filled the form, would the portal preent me from filing returns altogether?
Also, once I get rebate (if opted for new regime) / pay dues (if opted for old regime), do I need to go through the hassles of replicating it on the new ITR portal (i.e manually answering the schedule sections)?

Kind regards

#20

Hi @ChinmayB,

Yes, you can opt for the new tax regime. However, keep in mind in case a taxpayer has business income and they opt for the new tax regime, they can switch to the old tax regime only once.

If you opt for the new tax regime, you need to file Form 10-IE before filing the ITR

Here’s how you can file the Form 10-IE

When filing your ITR through Quicko, you do not need to enter details on the new ITR portal, since Quicko is a ERI (e-return intermediary) registered with the Income Tax Department.

Note: ITR filing will be enabled on Quicko in the coming week. So stay tuned for more exciting features!

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