Filling the e return
This query is : Resolved
SHIVRATAN TIWARI
(Querist)
06 January 2015
dear member
i submit my return itr 1. i show net amount in salry head but i receive transport allowance 7200 but i not show in exempt income column in itr 1 . its right or wrong. plese gudie me
i submit my return itr 1. i show net amount in salry head but i receive transport allowance 7200 but i not show in exempt income column in itr 1 . its right or wrong. plese gudie me
06 January 2015
then no exemption shall be give to you as u need to correctly disclose the exemption in that column so better file revise return in case if filed on or before due date.
SHIVRATAN TIWARI
(Querist)
06 January 2015
I FILE THE RETURN AFTER THE DUE DATE IF I NOT DISCLOSE THE EXEMPT INCOME THERE IS NO PROBLEM IN ASSESSMENT OF INCOME OTHER WISE I RECEIVE THE ANY NOTICE FORM IT DEPT ON RELATED ISSUE ON THIS PROBLEM, HAVE CHARGED ANY PENALTY ON RELATED ISSUE
06 January 2015
belated return cannot be revised and then only option you have is to file a rectification request u/s 154.
08 January 2015
In Income from Salary in ITR1 you need to show net taxable Income from Salary only, so you are correct.
Further ITR1 was not applicable to you since exempted income is more than Rs 5000/-.
You can not file revised return of request for rectification u/s 154 since showing Exempted Income will mean that ITR1 is not applicable to you.
Also there is no impact on Tax Liability.
Advise: Do not do anything. There will not be any issue.
Further ITR1 was not applicable to you since exempted income is more than Rs 5000/-.
You can not file revised return of request for rectification u/s 154 since showing Exempted Income will mean that ITR1 is not applicable to you.
Also there is no impact on Tax Liability.
Advise: Do not do anything. There will not be any issue.
08 January 2015
But sanjay bhai in this case later in assessment such exempted income is taxed so then no exemtion is actually taken ?
08 January 2015
Exempted income has already been reduced from salary and net taxable income from salary has been shown. So the question of taxing exempted income does not arises.
SHIVRATAN TIWARI
(Querist)
10 January 2015
thanks sanjay sir,
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