Can I pay tax on exempt income

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67 Points Posted on 29 November 2020
Sir,I have one doubt in income tax whether it is compulsory to show exempt income(like interest on tax free bond,dividend) in income tax return,can i pay tax on it to avoid 14a with rule 8d?
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On 29 November 2020 at 20:01 Report
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Quick Summary
You are required to declare exempt income, such as interest from tax-free bonds or dividends, in your Income Tax Return (ITR). While this income is tax-free by definition, failing to declare it can lead to issues. It's important to report this income accurately to comply with tax regulations, even though no tax is payable on it.

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574 Points Posted on 29 November 2020
Yes
Exempt income also needs to be shown in return.
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On 29 November 2020 at 20:31
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Accountant
3662 Points Posted on 29 November 2020
You need to show exempt income in ITR
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On 29 November 2020 at 21:08
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67 Points Posted on 29 November 2020
But I dont want to show as exempt income I want to pay tax so I can avoid the 14a
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On 29 November 2020 at 23:32
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Salaried Employee
102 Points Posted on 02 December 2020
Your answer is in your question, Exempt income means tax free, but you must have to declare or show in IT Return. It will not comes in Taxable
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On 02 December 2020 at 21:33
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1240 Points Posted on 03 December 2020
Though you don't have to pay tax on the exempted salary, you have to however mention your exempted salary and show it while filing for ITR.
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On 03 December 2020 at 02:12

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