31 July 2017
A Induvidual is having income from Pension is less than 2.5 Lakhs. but the Investment for the FY-16-17, is around 5.5Lakhs. ( investment is being done from the F&F received at the time of Retirement. and the same is being invested in mutual Fund as and when required) While filing ITR, is it mandatory to show the full investment. if yes then what are the applicable complication's may appear in future. or person need to pay any tax. since his income for the year is less than 2.5. Please advise.
Retirement benefits are part of salary received and are to be reported here subject to exemptions (example, PF on retirement is fully exempt while Gratuity / leave encashment are not fully exempt).
Not every Mutual fund investments need to be reported. Only ELSS investments, if claimed in 80C, needs to be reported
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