ANSWERS: 2
  • If you receive a 1099-INT or 1099-DIV from your mutual fund, just as with bank interest, then you need to enter that on the appropriate tax form Schedule B. You may owe tax if the amounts total over $1,500.
  • Any income earned from the mutual fund registered under the SEBI act is exempt from income tax. If the scheme declares a dividend then dividend distribution tax (DDT) applies. The tax is deducted before you get your mutual fund returns. https://www.youtube.com/watch?v=lLqlhnu-c1o

Copyright 2018, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy