Buy Back of Shares Data Feeding Process (u/s 2(22)(f))

Zen IT || Buy Back of Shares Data Feeding Process (u/s 2(22)(f))

This article outlines the complete process for entering Buy Back of Shares transactions under Section 2(22)(f) in Zen IT. Accurate data feeding is essential to ensure correct computation of deemed dividend and capital gains for income tax reporting.

Step 1: Navigate to the Dividend Entry Section
  1. Go to: Transactions → Other Sources → Dividend Income u/s 2(22)(f)
      

Step 2: Redirect to Capital Gains
  1. After clicking on Dividend Income u/s 2(22)(f), the system will automatically redirect you to the Capital Gains section. 
    Here, enable the Buy Back of Share checkbox to proceed.
      

Step 3: Enter Buy Back Transaction Details
Within the Capital Gains module:
  1. Select the Buy Back of Share checkbox
  2. Enter all relevant transaction details accurately (such as date, quantity, and amount)
      
  1. Click Save to store the entry
Step 4: Auto-Population of Dividend Amount
  1. Once the Capital Gains entry is saved, the system will automatically fetch and populate the Buy Back amount under: Dividend u/s 2(22)(f) in Other Sources
      

Following the above steps ensures a correct and seamless process for recording Buy Back of Shares under Section 2(22)(f) in Zen IT. This automation minimizes manual effort, reduces data entry errors, and ensures accurate reporting of both Capital Gains and deemed dividend components during income tax computation.

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