ITR filing: how do you handle dividend income & TDS?
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Does your broker provide a proper report for dividends and TDS for the financial year?
Which broker?
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Filter your bank statement on transaction description and sum it
check bank statements for company names, then google the dividend amount and manually calculate for each company.10% TDS should be applicable if the Dividend is greater than 5000 annually per company.
Yes. This is how I used to do it, but TDS tracking is not straight forward. For example, I have a credit of 1300 n TDS of 700 for a payout of 2000. Have to cross check if I have got another dividend credit of 5000 or not. Also, why no TDS when 5000 was credited. Entries like ex date towards end of March n credit in April can be misleading too.
Basically, it's a tedious process and takes time & energy esp when you have plenty of different holdings. This should be optimized by the brokers and govt.
I go through bank statements and look for "ACH" and put the amounts in respective quarters on a paper table with pen... takes about half an hour at most, classified into quarterwise dividends and their totals...
26AS already lists correct TDS if inquired in July...
ACH & CMS.
Problem is, it does not give the TDS deducted. So you have to look at your 26AS and holdings.
Also, all ACH/CMS tagged credits won't be for dividends. You really need to go through each record both ways to get a proper picture.
AIS was the perfect match with my calculation this year around.
In HDFC P&L statement Dividend incomes from my equity are shown as well with dates.
Till last year I was using my bank statement and had to spend 1 hour...
This year I have used report from zerodha and icici direct only
Where in icici direct do you find dividend report?
That is one headache I have to find out from bank statement with dividend credited.
Just use broker statement. Any TDS is captured by default in your annual sheet. Even the dividend amount is reflecting on IT portal / annual sheet. You only need to cross verify with broker statement
Finally managed to cross check the summary. There were multiple dividends (<5000) missing which I added now. Some actions were missing in the broker (ICICI) statement.. the 26AS/AIS statements are not user-friendly.
Anyways, spent 2-3 hours now and completed the ITR.
Deposit for one company (3 entries) could not be tracked, just added them to dividend income without wasting more time as the amount was less.
IT dept should seriously automate this section so that we don't have to spend any time on it.
Zerodha dividend statement just shows the net dividend. Doesn't show if TDS was deducted or not. Nor does it show whether the dividend is applicable for this fy or last fy.
26as is clumsy. It doesn't list all dividends.
Too much work for tally the data IMO!
Any easy way??