Sale of securities and units of mutual fund under which head
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This blog provides a complete guide on filing Income Tax Returns (ITR) for individuals who are investors in equity mutual funds. It starts by explaining the documents needed for filing ITR, such as Form 26AS, Form 16, and a capital gains statement.
The blog then provides step-by-step instructions on how to file ITR through the new Income Tax portal, including logging in with a PAN card and verifying bank details.
Next, it explains the different ITR forms available and helps readers choose the appropriate form based on their income sources.
Specifically, it mentions that salaried individuals who have earned capital gains need to choose either ITR-2 or ITR-3.
The blog then focuses on mutual fund taxation and explains how to report dividend income and capital gains in ITR.
It clarifies that dividend income from equity mutual funds is taxable and needs to be disclosed as “Income from Other Sources.” Deductions on interest expenditure related to dividend income are also elaborated upon.
Regarding capital gains from equity mutual funds, the blog explains the classification of units
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