jayaparvathi ammal (student) (34 Points)
29 July 2013one of friend has file his return in itr1. he has conveyance allowance exempt income (more than Rs. 5000). does he need to file itr2 instead of itr1? does conveyance allowance is included in exempt income under itr 2. what is the process of revising the return?
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2013
ITR-2 will be applicable.
You can revise your IT return if you have file your returns before due date ie 31st july.
You are required to fill in the acknowledgement number from ITR-V into the revised return.
manoj
(student)
(5205 Points)
Replied 29 July 2013
he has to file itr 2 only
show the exempt income separately in schedule
Akash
(CA Final (2nd Group Pending))
(876 Points)
Replied 29 July 2013
Akash
(CA Final (2nd Group Pending))
(876 Points)
Replied 29 July 2013
fill itr 1 . there are lot of misconception about using itr 1 and itr 2.
if there are exempt income under section 10 more than 5000 , itr 2 is required to be filled.
now question is which exempt incomes under section 10.
let take case of net agriculture income.if net agriculture income is more than 5000 , itr 2 is required to be filled. reason if net agriculture income is more than 5000 , it is included in total income to determine tax rate ( 10% , 20% , 30% ) is applicable
in itr 1 there is no provsion for inclusion of net agriculture income above 5000. so itr form 2 is to be filled.
salary income includes conveyance allowance , hra , leave encashment etc which are deducted up to exemption from gross salary to arrive at gross total income from salary. Even if these incomes are more than 5000 (exempted portion ), then it is not required to fill itr 2 . fill itr 1.
Grv Bst
(Service)
(125 Points)
Replied 30 July 2013
Well answered by CA Rajiv. I strongly support his reply.
CA Parul Saxena
(CA)
(8458 Points)
Replied 30 July 2013
Mr. Rajiv amendment says that if exempt income under section 10 is more than Rs.5000 then ITR-2 is to be filled......and Transport allowance, Leave encashment,Gratuity etc. come under section 10.
CA Parul Saxena
(CA)
(8458 Points)
Replied 30 July 2013
Mr. Rajiv amendment says that if exempt income under section 10 is more than Rs.5000 then ITR-2 is to be filled......and Transport allowance, Leave encashment,Gratuity etc. come under section 10.
ABHILASH KASLIWAL
(CHARTERED ACCOUNTANT)
(58 Points)
Replied 30 July 2013
CA Parul Saxena
(CA)
(8458 Points)
Replied 31 July 2013
IF a government employee on retirement has received gratuity,leave encashment,commuted pension and gpf amount then itr-2 to be filled?
CA Parul Saxena
(CA)
(8458 Points)
Replied 31 July 2013
IF a government employee on retirement has received gratuity,leave encashment,commuted pension and gpf amount then itr-2 to be filled?
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
