Need Your Guidance, Income Tax

[UMANG SHAH]

As per new notification under Income Tax Act , If assessee has INCOME NOT CHARGEBLE TO TAX is above Rs, 5000/- then he has to file ITR other than ITR-1 .

Let me Know whether the allowances exempted for salaried employees are cover under the limit of Rs. 5000/- .

Ex. : Conveyance Allowance Rs. 9600/-

Should assessee file ITR - 1?

Please guide us.

Posts / Replies

[CA GOPALJI AGRAWAL]

To my view, the exempted incomes under the head salary would not be considered for the purpose of exempted income of Rs. 5000/- otherwise form 1 utility will be of no use as most of the employee are getting such exempted allowances more than 5k