Online ITR1 Form - Income from Salary

Vasan 1
Viewed 1750

Dear Pankaj,

While filling in the online ITR1 Form need your help to know what value I should show under Income from Salary ? Salary: 30,000 - Prof Tax :200 ; Take Home : 29800. While overall year Salary is 3,60,000. I have a car that I use for coming to office. Understand that Rs.800 pm is exempt. There is a component of Conveyance Allowance in my Salary Slip. Also Rs. 1200 pm is exempt on Medical Reimbursement which is also shown in the Salary Slip. So should I show the value of Rs. 3,60,000 - 9,600 - 14,400 = Rs. 3,36,000 ?

Thank you. I tried to find this answer for over three days but could not get an answer.

Warm Regards,

Vasan

taxable-income salary-income income-tax-return
1 Answers

It may not be that straight forward. If your salary does not have any other components like HRA, PF deductions etc, then your computation of taxable income would be correct.

It would be safer to pick values from form-16 issued by employer. Medical allowance would only become non-taxable if you had submitted original bills to your employer (form-16 would also show same).

Pankaj Batra5212
Related