27 December 2021
Sir I received a sum of 15.5 lacs as final withdrawal from Statuary provident fund (Govt), but employer issued form 16 showing it income from salaries and deducted it from salary as exempted income under sec 10 and did not deduct any tax on it , There is no drawdown menu in schedule For this while Graduity, leave encashment etc have, We have to report exempt income under separate schedule , so even if I file feedback that it is tax free ,AIS do not accepting it , what is remedy ? I got final withdrawal 2 years after retirement ,because of 2 states involved Should I file return with correct classification of fund and wait for notice or some thing else tax will be around 5 lac on exempt income wrongly reported
27 December 2021
File ITR as per taxable income shown in form 16. Show the exempt income in the exemption schedule. No notice will be issued, no need to worry.
CAclubindia
