Exempt income only for reporting purposes
This query is : Resolved
07 February 2012
I have to file a taxable income tax return for AY2011-12 of a client having salary income. However,he also has exempted income of Rs 13lakhs u/s 10(36). In ITR-1, exempted income under D-20 point reads as "Exempt income only for reporting purposes (From Dividends, Agricultural Income
Please suggest a solution with proper reasoning.
Please suggest a solution with proper reasoning.
07 February 2012
Hi,
Yes, it reads so just because it has nothing to do with tax calculation (provided it is not Agriculture Income) but yet for the sake of reporting, we have to mention the same.
Yes, it reads so just because it has nothing to do with tax calculation (provided it is not Agriculture Income) but yet for the sake of reporting, we have to mention the same.
08 February 2012
Seems column D-19 and not D-20 as you mentioned in the query.
Reasoning is,though income does not form part of 'total income' by virtue of the specific exemption, particulars are to be given in column D-19 to vouch with the 'verification' of the return which reads as .... information is correct and complete.......
Reasoning is,though income does not form part of 'total income' by virtue of the specific exemption, particulars are to be given in column D-19 to vouch with the 'verification' of the return which reads as .... information is correct and complete.......
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