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Lavy Singhal   29 November 2020

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?


 5 Replies

ATUL Y

ATUL Y   29 November 2020

Yes
Exempt income also needs to be shown in return.
1 Like
JATINDER KUMAR

JATINDER KUMAR (Accountant)     29 November 2020

You need to show exempt income in ITR
1 Like
Lavy Singhal

Lavy Singhal   29 November 2020

But I dont want to show as exempt income I want to pay tax so I can avoid the 14a
1 Like
Parag Muthal

Parag Muthal (Salaried Employee)     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
1 Like
shahyar husain

shahyar husain   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.
1 Like

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