02 July 2014
There is a rule that if exempt income exceeds rupees 5000, a salaried individual with interest income and income from one house property will have to use ITR-2 and cannot use ITR-1. What is covered under exempt income? Will HRA and transport allowance also be covered in the limit of 5000?
02 July 2014
HRA and Transport allowance not treated as exempted income. Exempted Income example is Income from Dividend etc. So in your case you can file ITR 1.
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