dear experts,
kindly advise me on the following. I have received post retirement settlement of PF and gratuity etc. a handsome amount during this year (2014-15). tax paid by my employer for the above terminal benefits. as PF and gratuity are exempt from income tax, do I need to show it in my ITR for AY 15-16. Similarly I have also closed my PPF account and the proceeds are used for house purchase, is it necessary to show the PPF proceeds as income.
kindly clarify.
thanks
Yes, you may show the above receipts as exempt income in your ITR.
All exempt incomes must be mentioned in the tax return..(ITR)...Under exempt income......Not disclosing the Exempt Income in the Income Tax Returns is not the right approach because the income tax department has specifically asked for these details of exempt income in the ITR Forms.
Dear Babugr,
kindly mention the exempt income in the ITR tht u will file otherwise u won't b able to show any proof to the ITD of the source of such income which u hv applied on ur house etc.
Chirag N Shah & Associates
Mumbai
CA Inter
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