Itr 1
This query is : Resolved
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
20 July 2014
yes all the exemption mentioned u/s 10 are covered in this.
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.
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.
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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