It return

This query is : Resolved

sudalay dhas (Querist)
Follow

30 April 2016 Dear All Experts,

Please see below mentioned my salary breakup for the A.Y.2016-17.

Earnings :-

Basic Salary Rs. 23,400 P.M.
Conveyance Allow. Rs. 1,600 P.M.
Other Allow Rs. 7,000 P.M.
Bonus Rs. 38,000.

Deductions :-

EPF Rs. 3000 P.M.
Professional Tax Rs. 200 P.M
Total Deducted Tds Rs. 6,000.

Please see below my doubts.

1.which ITR form I have to use for filing IT return?
2.Where i have to show these conveyance allowance and tax on employment in ITR form ?

Kindly advise me on above queries.

CA MANISH SAXENA

CA MANISH SAXENA (Expert)
Follow

30 April 2016 Hi,

Ans 1. You need to file the ITR 1.
Ans 2. Go thorough the full ITR 1and u will find a column for filling the TAX on Employment and you do need to show the conveyance allowance in fact you need to show your salary as the amount shown in the form 16 written as INCOME CHARGEABLE UNDER HEAD SALARY. If this amount has not been reduced by Con. Allowance then reduce this by the same and put it on ITR Form. For more clarification write back here again!

sudalay dhas

sudalay dhas (Querist)
Follow

30 April 2016 Dear sir,

If I have exempt income which is more than Rs. 5,000, can i use ITR-1?

Here my exempt income is also more than Rs.5000 ( PF 3,000 P.M + CONVEYANCE RS 1,600 P.M).

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

30 April 2016 If Exempt Income is More Than Rs.5000/- than you have to file ITR-2. Don't forget to show other incomes also. It is better to take experts help in filing the ITR.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.

Message likes : 4 times

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

30 April 2016 PF and Conveyance Allowance Income are part of Salary, it will not to show as exempt income.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.

Message likes : 2 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now