banner_ad

Queries - salaried

Tax queries 261 views 3 replies

Dear Experts, 

 

I am filing my individual tax returns under ITR-2, I am a salaried person and have following queries:

 

1) I am private sector employee and upon resignation from prior company in last financial year I received Leave Encashment which is non taxable. Where in ITR-2 can I mention this amount? Whether this will be under exempt allowances in SALARY sheet or under OTHER in Exempt Income sheet? or any other appropriate place to record this?

2) Where in ITR-2 can I mention amount of interest earned on EPF? 

3) There are few articles online which state that EPF interest has become taxable ? Is this true as there are few more articles which suggest this was rolled back and interest on EPF is fully exempt? I am confused, please help with your insight and how to declare it in ITR-2?

4) I have received gift from non relative of 35000 where in ITR-2 can i mention this

5) I have income from future options for 7000 where in ITR-2 can i mention this Kindly help with these queries     Thanks
 

Replies (3)

1. Under salary sheet

2. Income from other sources.

3. depends upon epf catagory and time of holding

4. Schedule EI

5. Depends upon total turnover of F&O.... 

Thanks for your response, 

Request if you can help with following :

1) For gift from non relative of 35000 like you said it has to be put in Exempt Income sheet, will it be under "Others" in Exempt Income sheet?

2) F&O turnover would be 15-20 lacs, can it be mentioned in IFOS sheet in row 3?

3) Interest from exempt PF, can I declare it in Exempt Income sheet in Interest field as this is non taxable?

 

1. Yes

2. If the turnover as you mentined is difference of contract value ( & not total sale value), then the transaction cannot be declared under IFOS..... but from PGBP... and the accounts may require to be tax audited. In second option...... you may go ahead.

3. Yes, if non-taxable


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details