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Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

Last post 07-24-2013 7:06 PM by return_filer. 12 replies.
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  • 06-25-2013 3:29 PM

    • jvaibhavj
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    Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    Hello, The recent amendment says that for AY 2013-14, those having Exempt Income exceeding Rs. 5000/- can NOT use ITR-1 to file tax returns. Is this applicable to the Conveyance allowance of Rs. 800/- per month which amounts to Rs. 9600/- annually and thus exceeds Rs. 5000/- limit? In such case, is it ITR-2 that needs to be used to file tax returns? What is the way to judge the form is wrong, if someone has already filed returns using ITR-1? Does he need to re-submit using correct form? Thanks and regards, -Vaibhav
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  • 06-26-2013 1:47 PM In reply to

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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    jvaibhavj:
    Hello, The recent amendment says that for AY 2013-14, those having Exempt Income exceeding Rs. 5000/- can NOT use ITR-1 to file tax returns. Is this applicable to the Conveyance allowance of Rs. 800/- per month which amounts to Rs. 9600/- annually and thus exceeds Rs. 5000/- limit? In such case, is it ITR-2 that needs to be used to file tax returns? What is the way to judge the form is wrong, if someone has already filed returns using ITR-1? Does he need to re-submit using correct form? Thanks and regards, -Vaibhav
     

    Yes, the exempt income up to Rs.5000 rule also applies to conveyance allowance. In such cases, ITR2 needs to be filed. If one has already filed using ITR 1, he needs to do a revised filing using ITR2.

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  • 06-26-2013 8:49 PM In reply to

    • jvaibhavj
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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    Thanks for the reply.
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  • 06-28-2013 1:08 PM In reply to

    • Mandakini
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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

     In the above case, if ITR1 is filed by physical mode, can the revised filing in ITR2  be done online? Thanks & regards, Mandakini

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  • 06-28-2013 4:52 PM In reply to

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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    Mandakini:

     In the above case, if ITR1 is filed by physical mode, can the revised filing in ITR2  be done online? Thanks & regards, Mandakini

    If the original returns have been filed physically, then revised returns cannot be filed online.
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  • 07-14-2013 11:01 AM In reply to

    • jvaibhavj
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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    If the individual has savings bank account interest more than Rs. 5000/- which is also an exempted income under section 80tta, then which form to be filled up? Thanks.
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  • 07-15-2013 11:39 AM In reply to

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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    jvaibhavj:
    If the individual has savings bank account interest more than Rs. 5000/- which is also an exempted income under section 80tta, then which form to be filled up? Thanks.
    Savings bank account interest qualifies for exemption up to Rs. 10,000 under section 80TTA. It does not qualify under section 10 exemption. Hence, you can mention this deduction in the Chapter6A deductions page. ITR form number does not depend on this section. If other exempt income like dividend, HRA, Conveyance, etc does not exceed Rs.5000 and there is only income from salary and/or bank interest, you can file ITR1. Else, you need to file ITR2.
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  • 07-15-2013 5:36 PM In reply to

    • gm_anandh
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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    Hello, What's the process for re-filing returns pls? I've already filed ITR1 generated from investment yogi and have uploaded in incometax efiling to get an ITRV. There is no option in incometax efiling site to re-file. Can I upload a new ITR2 in incometax efiling and is there any way to cancel the already generate ITRV?- Murugan

     

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  • 07-15-2013 5:55 PM In reply to

    • jvaibhavj
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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    Thanks for this reply. Can you also tell me where do I specify this interest income as ‘other income’ in ITR2? As I've my Conveyance more than Rs. 5000/- I've to fill up ITR2. I didn’t find any such field ‘Income from other sources’ like that of in ITR1. I’m assuming this ‘other income’ from savings interest will then be compensated against the one that I’ll be specifying in VIA schedule to avail 80tta deduction? Can you please clarify? Regards, -Vaibhav
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  • 07-16-2013 1:13 AM In reply to

    • Mandakini
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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    jvaibhavj:
    If the individual has savings bank account interest more than Rs. 5000/- which is also an exempted income under section 80tta, then which form to be filled up? Thanks.
     

    Exempted income and deductions are two different things. Saving bank account interest is not exempted income as it has to be added while calculating the total income. Exempted income (such as PPF interest etc) does not form part of total income. Sec 80TTA provides for deduction upto Rs 10,000/- from the total income for the interest in saving accounts with bank, cooperative society and post office.

    Mandakini

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  • 07-16-2013 11:28 AM In reply to

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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    gm_anandh:

    Hello, What's the process for re-filing returns pls? I've already filed ITR1 generated from investment yogi and have uploaded in incometax efiling to get an ITRV. There is no option in incometax efiling site to re-file. Can I upload a new ITR2 in incometax efiling and is there any way to cancel the already generate ITRV?- Murugan

     

    You need to generate a new revised ITR form to file a revised return. Check the complete process of Filing Revised Return.
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  • 07-16-2013 11:41 AM In reply to

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    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    jvaibhavj:
    Thanks for this reply. Can you also tell me where do I specify this interest income as ‘other income’ in ITR2? As I've my Conveyance more than Rs. 5000/- I've to fill up ITR2. I didn’t find any such field ‘Income from other sources’ like that of in ITR1. I’m assuming this ‘other income’ from savings interest will then be compensated against the one that I’ll be specifying in VIA schedule to avail 80tta deduction? Can you please clarify? Regards, -Vaibhav
    Please select the option "Interest on Securities" in the Get Started page. The form would have a page wherein you can enter the details of savings bank interest. In case you have savings interest less than 10,000 you need to select the option "Exempt Income". Do not be concerned about the form number because the software has been programmed in a way that the form will be generated based on the type of income you have.
    • Post Points: 5
  • 07-24-2013 7:06 PM In reply to

    Re: Re-filing in ITR-2 for Exempt Income More than Rs. 5000?

    Hi I dont think that "exempt income up to Rs.5000 rule" applies to conveyance allowance and HRA. As it is not at all written in income tax form 1 (SAHAJ). Please check the attached image (extracted from Instruction_ITR_1_sahaj.pdf given at income tax india site.). It says that compute exempt income as - 1. Interest income 2. Divind income 3.Agriculture income 4. income of minor child. Please clarify.

    Click on thumbnail. Then click on appeared preview again to View enlarged photo.

    Click to View Photo
    • Post Points: 5
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