Itr 1

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ayush (Querist)

20 July 2014 Hi, ITR 1 specifies that where exempt income is more than Rs. 5000/-, in such cases the assesse should file ITR 2. in such cases pls clarify wthr exempt income for this purpose shal include intt on PF , medical reimbursment, n other exemptions of sec 10. req if u nyone cn clarify plss

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

20 July 2014 yes all the exemption mentioned u/s 10 are covered in this.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

20 July 2014 There is deference between deduction and exempted income. HRA, Medical Reimbursement, Deduction for travelling allowance etc are not exempted income. Interest on PPF, Dividend etc are the example of exempted income.

ayush

ayush (Querist)

22 July 2014 Sir, interest on PPF will increase gradually with time. So will it mean that a salaried person having no other income would be compulsorily brought in ambit of ITR 2 only due to increase in exempt income.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

22 July 2014 Yes dear. According to prevailing rule if your exempted income is more than Rs 5000 you will have to file ITR2.

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