1. whether retirement benefits such as gratuity SPF, Commuted pension are to be reported in ITR.
if so how.
implications of omission to report such items
1 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 13 July 2020
1. yes, exempted income must be reported under schedule EI (exempt income) .
2. Large amount should be declared as disclosing this income in the return helps create a trail and gives the taxpayer ready explanation for inveatment or use of such money in future
2. Large amount should be declared as disclosing this income in the return helps create a trail and gives the taxpayer ready explanation for inveatment or use of such money in future
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