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Can I pay tax on exempt income
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?
Replies (5)
Quick Summary
Yes
Exempt income also needs to be shown in return.
Exempt income also needs to be shown in return.
You need to show exempt income in ITR
But I dont want to show as exempt income I want to pay tax so I can avoid the 14a
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
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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