Hi
My Father has recently retired from a bank, he has got his gratuity and PF amount at the time of his retirement. Is it mandatory to declare the gratuity and PF in ITR? Please give me information on where i have to declare and get exemption on ITR1.
I think gratuity will not be displayed/included in FORM 26-AS. So is it advisable to declare gratuity?
Thanks
Krishnakumar
can someone please help me on this ?
Its always advisable to declare any such exempted income in schedule 'exempted income' against exemption sub/section.
Ok Sure, is there any section i have to declare and claim in the ITR form?
I am not able to see "Exempted Income" ITR 1, where can i find it?
No, but to avoid future query......
Schedule 'Taxes Paid and Verification' .......
| 27 | Exempt income (For reporting Purposes) | |||
| a | Sec.10(38) (Exempted Long term Capital Gains) | |||
| b | Sec.10(34) (Exempted Dividend Income) | |||
| c | Agriculture Income (≤ Rs.5000) | |||
| d | Others | |||
| Sl.No | Nature of Income | Descripttion ( If 'Any Other' selected) | ||
| 1 | (Select) | NA | ||
| 2 | (Select) | NA | ||
| 3 | (Select) | NA | ||
ok thanks, got it. under which section i have to declare both EPF & Gratuity
Click on the small arrow in the cell. A drop down menu occurs. The section no and the descripttion is there. Select whatever is appropriate. Add rows if necessary.
Arvindkumar Maniar & Co.
Rajkot
CA
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