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Question ID : 44508

treatment of exempt income

Will income u/s 10 of Income Tax Act,1961 form part of taxable income ?? If not,Should we disclose it in ITR ??

Posted by SUDIP KUMAR MUKHOPADHYAY on Jun 29, 2023

Filed Under DIRECT TAXES

Answer ID : 85094

Not a part of total income. To disclose in ITR under 'fully exempted income'.

Posted by B.CHACKRAPANI WARRIER on Jun 30, 2023
Answer ID : 85097

IT WON'T BE A PART OF TAXABLE INCOME BUT YOU NEED TO DISCLOSE THE SAME IN YOUR ITR.

Posted by SHUBHAM SONI on Jul 01, 2023
Answer ID : 85101

Definitely, It is not forming part of taxable income. It is better practice to show the exempted income in Schedule EI of relevant ITR. In future it will be useful to support the sources of income.

Posted by CA. M. Santhosh Reddy on Jul 04, 2023