ITR AY 2014-2015 : Exempt income

Gauri 1
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If HRA exempt and Conveyance allowance is greater than 10000 but it is considered in Form 16 issued by Employer, then which form should be filled – ITR1/ITR2?

What income should be reported in D22: Exempt income only for reporting purposes column of ITR-1?

If HRA exempt is already considered in Form 16 issued by Employer. Do we need to show HRA exempted amount in D22?

If Conveyance allowance is already considered in Form 16 issued by Employer, do we need to show it in D22?

Do we need to show Medical reimbursement received against bills in D22?

If Savings bank account interest is shown in "B3: Income from Other Sources" and in 80TTA for deductions, do we need to show it again in D22?

Do we need to show Interest on PPF in D22?

ppf-interest hra-exemption conveyance-allowance exempt-income income-tax-return form-16
2 Answers

If exempted income is more than Rs 5,000, ITR2 would have to be used.

Exempted income include following things:

  • Interest income (PPF/GPF etc)
  • Dividend income
  • Long-term capital gains on which Securities Transaction Tax is paid
  • Net Agricultural income
  • EPF/Gratuity withdrawal
  • Leave encashment amount
  • Gift from relatives and upto Rs 50K from non-relatives
  • Others, (including exempt income of minor child)
  • Children education allowance, Conveyance allowance, House rent allowance, Leave travel allowance, uniform allowance, and perquisites.

Even if these are reported in Form 16, these needs to be reported under exempted income.

Medical reimbursements need not to be shown.

Saving account interest need not to be shown in exempt income.

PPF interest needs to be shown under exempt income.

Pankaj Batra5212

Hi pankaj, R u sure that HRA is included in "exempt income 5000" . Some representatives came from icici in our company and they filed ITR1 for all te employees and they all had hra greater then 5000.I am so confued about ITR1 and ITR2. It is again a headache if the form comes back and we have to file the rectification.

nishima27•

Yes, we are sure about it. And your employees had to fill ITR-2 only as their exempt income was more than 5,000.

IT department can send notices to all such assessee. Last year they didn't did this, but this year they may be more strict on this rule.

Pankaj Batra•

thanks pankaj .

nishima27•

HRA exempt allowance has to be shown in Schedule S tab in point 2(iii) in ITR 2 form.

JRJ16
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