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
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