POSTED BY July 6, 2012 12:20 pm COMMENTS (8)ON
I have income from Salary, Saving bank a/c intereset and Dividend from MF.
I downloaded the ITR-1 SAHAJ and filled the salary TDS details as per Form-16 but didn’t find any place where I can mention my saving bank a/c intereset and MF dividend income.
Where can I fill them?
More to that my employer has not considered these income to deduct tax. Shall I pay tax separately and then mention challan # in ITR? Where?
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8 replies on this article “Where to mention Saving bank intereset and MF Dividend income in ITR?”
For Captial short term and long term gains you need to fill ITR2 form which has columns for these details
Thanks sandeep for your comment, I already entered data from Form16 into ITR1 SAHAJ.
I am confused about where shall I add these interest and dividend income. Will I have to pay tax as my income will increase and employer has not deducted tax on it?
Dear Jigs, as you are using ITR-1 form, please fill the interest income in the cell – INCOME FROM OTHER SOURCES (below house property income).
Please do not quote your dividend income from MFs as the same is non taxable income.
Yes after entering the SB account interest, the taxable income ‘ll increase there may be a tax liability on you. Calculate your tax liability & pay from your net banking enabled account.
Then fill the self tax paid details in the TDS sheet & file your return.
I agree with you and I did same as you suggested but one more thing I found is the Saving bank a/c interest is exempt from tax up to 10K and in my case it is below 10K. So entered this amount in the field you told in ITR1 and it reflected in the tax calculation and increased the tax amount.
As it is below 10K still shall I credit extra tax?
I just wanted to reflect all my income in ITR-1 but didn’t find field for MF tax saver schemes dividends I received. What shall I do with that?
Shall I ignore mentioning both of them?
Dear Jigs, make no mistake that 10K tax free interest income is for FY 2012-2013 & you are filing ITR for FY 2011-2012 so the interest income is very much taxable. To show dividend income from your Eq. Tax saving MF schemes, you should file your return in ITR-2 & quote your dividends in the exempted income sheet of ITR-2.
I appreciate your guidance. I don’t have any other income source but to show my dividend income I’ll have to file ITR-2. I’ll do it now.
deduction under section 80TTA SB interest is fully deduction upto 10,000/-
Salaried persons usually get a Form 16 from their employer. From now on, the Form 16 needn’t be submitted with the IT Return. You need to fill in the relevant details in the tax form itself.