How to report tax-exempt incomes in ITR-1 – The Economic Times

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  • Last Updated on 28 October, 2020
June 7, 2019
 
Chartered Accountant, Naveen Wadhwa, DGM, Taxmann.com says:

 
 

Chartered Accountant Naveen Wadhwa says, “If you have received money from insurance policy by surrendering it, then it might be taxable in certain situations.”

Withdrawal from Statutory Provident Fund:

Statutory Provident Fund (SPF) is meant for employees working in Government or Semi-Government organisations, local authorities, universities, recognised educational institutions or railways. Any withdrawal made by an employee from SPF if tax-exempt is required to be reported.  To report this tax-exempt income, select – ‘Section 10(11) Statutory Provident Fund received’ option from the drop down menu. 

Withdrawal from Recognised Employees’ Provident Fund:

Private sector employees are usually covered under the Recognised Provident Fund (RPF) under the Employees’ Provident Fund Act. If you have withdrawn money from your EPF account, then you are required to report the same by selecting – ‘Section 10(12) Recognised Provident Fund’ from the drop-down menu. 

 

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