Exempt income - filing in ITR

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260 Points Posted on 30 July 2022
Client has LIC maturity proceeds which are exempt as per sec.10

Now while filing ITR

Can I directly report that income in "Exempt income" tab

or

"should I first report it in "Other sources tab" and then claim it as exemption in "exempt income " tab...

please clarify....
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On 30 July 2022 at 14:09 Report
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Quick Summary
This discussion clarifies how to report LIC maturity proceeds that are exempt under Section 10 of the Income Tax Act. The consensus is to directly report this income in the 'Exempt Income' tab of the Income Tax Return (ITR). It should be included in your Gross Total Income (GTI) and then claimed as exempt, rather than reporting it first under 'Income from Other Sources', which would make it taxable.

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28267 Points Posted on 30 July 2022
Sec 10 is an exempted income. All income are exempted under this section.
You hv to report it under exempted income. Include it in gti and exempt it.
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On 30 July 2022 at 14:40
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260 Points Posted on 30 July 2022
That means should I also report it under "income from other sources" , sir??
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On 30 July 2022 at 14:50
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215 Points Posted on 30 July 2022

No. If you include in IOS then it comes under taxable

Report only In exempt 

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On 30 July 2022 at 15:09
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28267 Points Posted on 30 July 2022

Mail your details to get a resolution.

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On 30 July 2022 at 15:10
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260 Points Posted on 30 July 2022
Got it sir, thank you
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On 30 July 2022 at 15:26

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