Exempt income > 5000

In the latest IT amendment it has been said that if you have exempt income > 5000 then you need to submit ITR2 instead of ITR1.

Now what all are the incomes that falls under the category of exempted income for a salaried person (except dividend)

Please advice.

asked Jun 10 '13 at 18:02 by Gurukul 187●2●9●16

One Answer:

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Some of the others exempted income example can be following:

Interest income
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)

answered Jun 11 '13 at 12:30 by Pankaj Batra 5.2k●3●20

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But those are not exempted income under the head salaries. I want to know what will be the exempt incomes for a salaried person?

(Jun 11 '13 at 12:46) Gurukul

EPF, Gratuity and Leave encashment are applicable for salaried person. Children education allowance, Conveyance allowance, House rent allowance, Leave travel allowance, uniform allowance, and perquisites can be other such exempted income.

(Jun 11 '13 at 13:22) Pankaj Batra

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Asked: Jun 10 '13 at 18:02

Seen: 2,170 times

Last updated: Jun 11 '13 at 13:22

Exempt income > 5000

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