Income tax return for a.y.12-13 & 13-14

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Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2014 Hello Expert,

My query is whether an assessee who is filing the return for the first time, file return of three years together??

Whether he should file the return for a.y. 14-15 first and thereafter for previous years??

sushil kumar

sushil kumar (Expert)
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19 July 2014 Dear,
You can file the return for the AY 2014-15 and 2013-14 only. You can't file the return for the AY 2012-13, it is time barred.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2014 Further I had a query that what is the meaning of exempt income for the applicability of ITR -1. As per my understanding the HRA and Tranport allowance received by a salaried employee are exempt incomes. But their is no clarity in law regarding it.So,if it is in excess of Rs. 5000/-. Is ITR 2 applicable then??

sushil kumar

sushil kumar (Expert)
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19 July 2014 Dear,
Hra, Transport and other allowances are exempt u/s 10, in this case ITR 1 is required to file.
Exempt income means interest income, dividend income, agricultural income etc., if these income are more than 5000 then ITR 2 is required to file.
However, Deduction u/s 80TTA is available upto 10000 for intt on SB a/c

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