Please tell how are the following details regarding the Retirement Benefits have to be filled in the ITR1 form?
Gratuity
Commutation of Pension
Leave Encashment
Payment from Provident Fund
Payment from Superannuation Fund
(These are covered under Section 10 for tax rebate)
(Which section in ITR1 is used for defining the rebate under section 10?)
these are all profits in lieu of salary so it can be shown in salary coloumn itslef
Hi Dear
All the Benefits are not Taxable. Show only that are Taxable.
Salary Income Full
Leave Salary Over 3 Lacs Provident Fund Nil
Public Provident Fund Nil
Gratuity Over 3Lacs 50 Thousand
You can show all amounts as ‘Income from Salary’.
Income exempt from tax u/s 10 will cover
Gratuity
Commutation of Pension
Leave Encashment
Payment from Provident Fund
Commutation of Superannuation Fund
upto permissible limits.
HMT