Itr-1 or itr-2

ITR 794 views 4 replies

Rajesh

PSU

40 Points Joined June 2014

I work in a public sector undertaking. My basic pay for the financial yr 2013-14 was Rs 16,400. We are also paid perks @ 46% of basic. Out of this 46% perks, 16.5% (vehicle conveyance-8%, uniform allow-2.5%, telephone allow-2%, prof. update allow-4%) is exempted from income tax. But we are eligible for this exemption only if we give perks declaration (break up of perks) at the beginning of the financial yr. Since I couldnt give perks declaration for the fy 13-14, i didnt get the tax exemption and paid TDS for the entire 46% perks. My tax sheet for the fy13-14 is showing Exemption U/S 10 as 'zero'. What will be my exempt income for the fy13-14. Which ITR do i need to file? ITR-1 or ITR-2 ? Does medical allowance comes under exempt income?

Replies (4)

CA Chirag

Chirag Sheth & Associates

1183 Points Joined January 2010

you need to file itr 1.

medical allowance is always taxable.

thanks

CA Chirag

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

medical allowance is taxable.... amd you are reqd to file itr-1.

ANAND OJHA

Student CA Final

25 Points Joined September 2012

medical allowance is allowed upto 15000 subject to that you have made medical Expense.

Guest

ITR–1 OR SAHAJ

This Return Form is to be used by an individual whose total income for the assessment year includes:-

Income from Salary/ Pension; or
Income from One House Property (excluding cases where loss is brought forward from previous years); or
Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

Who cannot use this Return Form

This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

If you have foreign assets, you cannot use ITR-1.

If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.