Ashish (XYZ) (86 Points)
19 July 2013
Hi All
Recently there has been an amendment in Income Tax Rules for ITR filing which says that person with exempt income of Rs 5000 is required to file ITR2 .
Can you please advise on which ITR 1 or 2 should be filed by an assesse who is having only and only salary income higher than Rs 5,00,000 and of course exempt income (HRA, conveyance all etc. greater than 5000).
Your prompt reply will he highly appreciated.
Regards
Ashish
Akshata
(CA Final )
(324 Points)
Replied 19 July 2013
hi ashish,
In ur case, If the assessee has only salary and interest income -ITR 1 else ITR 2..
SAURABH NENE
(Chartered Accountant)
(226 Points)
Replied 19 July 2013
Dear Ashish,
The 'exempt income' referred to in the new rules, is the income which does not form part of total income i.e. incomes like dividend, share of profit form p'ship firm, agricultural income etc. In my opinion HRA, conveyance which forms part of calculation of income under the salaries, shoul not be considered.
Hence in this case ITR 1 will be applicable
CAclubindia
