Dividends and Interest on Units [Section 10(34)/(35)]

Following incomes are not chargeable to tax from the assessment year 2004-05:

 

•          Any income by way of dividends covered by section 115-O [i.e., any dividends from a domestic company other than dividends covered under section 2(22)(e)]; However, as per section 115BBDA (as inserted by Finance Act, 2016), in the case of resident individual/HUF/firm, dividend shall be chargeable to tax at the rate of 10% if aggregate amount of dividend received during the year exceeds Rs. 10,00,000.

 

•          Any income in respect of units of a mutual fund;

 

•          Income received by a unit holder of UTI;

 

•          Income in respect of units of a specified company.

 

Note:

1.         Under section 115-O and section 115R, the person paying the dividends on share or income on units will have to pay distribution tax on dividend/income distributed.

 

2.         It should be noted that under this clause, Income on transfer of units is not exempt.

 

 

 

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List of Exempted Incomes (Tax-Free) Under Section-10
 
 
 
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