Disclosure of retirement benefits
This query is : Open
Vaishnavi Nistala
(Querist)
26 July 2016
In 2014-15, my father was retired. Then he received some pension benefits. While filing the income tax return for that year amount received as gratuity, PF etc are not disclosed because in form 1 there is no section 10 to fill these exempted incomes.But these incomes are deposited into fixed accounts & interest from that is shown under income from other sources.
So as our PM introduced income declaration scheme i wanted to know whether i need to disclose those or not
So as our PM introduced income declaration scheme i wanted to know whether i need to disclose those or not
26 July 2016
No need to opt IDS,2016 because the scheme is for 'income chargeable to tax' {section 183(1)} where as retirement benefits (in your case ) are 'income exempted from tax'.
Vaishnavi Nistala
(Querist)
26 July 2016
but do i need to disclose this year (retirement benefits) because i did not disclose in 2014-15
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