| 1 is gatuity Amount of Rs.13,6703/-fully exempted ? should this amount be declare any where in Income Tax Return. if yes in which section ? | |||||||
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2-Loan from blood relatives/blood relation should by declare in Return? If yes in which section?
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| 3-For 2010-11 (A.Y. 2011-12) which IT Return Form will be submitted, ITR-1 or another one? | |||||||
1) If the gratuity is received by a Government Employee, then the same is Exempt. But if the emplyee is non-government emplyee then it is taxable. (Limit increased to Rs. 10 lakhs)
2) If you are preparing a Profit and Loss A/c and Balance Sheet, then you can show the Loan taken as a balance sheet item in the ITR.
3) The ITR depends on the income of the Assessee. If the assessee is having only salary income, then he will file his ITR in ITR-1 and if he has salary and business income, then he will file ITR - 4.
Regards,
Devendra K
Murali and Sumeet Chartered Accountant
Bengaluru
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