Exempt income & itr 2 form
This query is : Resolved
16 April 2014
Is it mandatory to fill ITR 2 if the exempted income is more than Rs. 5000/-. Please clarify deduction and exemption.
16 April 2014
The rule is that you cannot File ITR-1 if you have income not chargeable to tax in excess of Rs 5000. for eg, you dividend income more than Rs 5000.
please refer proviso to Rule 12(1)(a)
however, whether you need to File ITR - 2 or ITR - 4 shall depend on your income sources.
however, if you are an individual, you are not required to file the tax return if overall income is below the exempted limit.
please refer proviso to Rule 12(1)(a)
however, whether you need to File ITR - 2 or ITR - 4 shall depend on your income sources.
however, if you are an individual, you are not required to file the tax return if overall income is below the exempted limit.
16 April 2014
Yes it is mandatory. U must have to file ITR if u r a earning source. It dosen't matter that ur income is Rs. 100 or Rs. 100Crores.
21 April 2014
My query is on behalf of my father. He is a pensioner, in previous year he file ITR - 1. This year he received cash gift of Rs. 40000/- from me which is deposited in his bank account. Gift from son to father is exempted from income tax but it is more than Rs. 5000/- and deposited in his bank account. So do my father need to file ITR - 2 and show this Rs. 40000/- in Exempted Income column ? Or file ITR - 1 like previous year. Please note : Cash is deposited in his bank account.
21 April 2014
well the answer remains same as earlier. however, many people still file ITR1. I would suggest against it
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TWO FIRM NAME IN ONE GST NUMBER
- ITR -1 Filing
- Section 54 f disallowed will be taxed at what rate
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Transfer of rectification rights to ao
- TDS whether applicable or not in case of Flat purchase
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Eway issued more than one
- Trust 10AB form required for old asst. years?
- SEA GOING ALLOWANCE
- Utilisation of cgst cash ledger balance first to pay cgst liability instead of cgst credit ledger ba
- Pension Misclassification and Correction in Filed ITRs
- Gratuity payment criteria
- Procedure and Documents Required for Release of FD from DVAT
- How to rectify gstr1 credit note
- Non- payment of GST on supply of services- reg
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
Trending Online Classes
CAclubindia
