EXEMPT INCOME - ITR Filing

Quicko File
1

I want to account the PPF Interest gained in the EXEMPT Income Section. In the ITR EI Section there is only 2 Options for Provident Fund payment received. Section 10 (11) Statutory Provident Fund Received and Section 10 (12) Recognized Provident Fund Received.

Please advice which one of option i have to select for PPF Interest gained in the FY 2022-23.

2

Hi @Srikanth,

I have checked ITR-1 excel utility from income tax website . There is an option where you can select ‘Any Other’. Then mention ‘Interest on PPF’ under Description . (See screenshot)

ppf interest income
ppf interest income1472×225 6.96 KB

You can download the utility from here: https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns#itr-1

2 Likes
3

Thanks a lot. Greatly appreciated.

4

Hi @Srikanth

As rightly mentioned by @radhesh23k for adding this exempt income on the Income Tax utility, you can also add the same on Quicko and continue to prepare your ITR, as shown in the screenshot.

Here’s an article on Add Income from Other Sources : Help Center on Quicko.

image
image1379×440 37.8 KB

Hope this helps.

1 Like
5

Thanks a lot for your kind response.

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6

Hello,

  1. I have a query related to the option under Income from House Property section “Tax paid to local authority”
    We have self occupied House property and we have paid property tax to BMC in the last FY22-23, can we show this deduction while filing ITR-1?
  2. Remote Working/Working from Home expenses such as Electricity/Broadband charges can be claimed as Deduction/Exemption while filing ITR-1 as my office is in another state and Work From Home is allowed in policy?
7

Hi @Deepali_B

The property tax paid to the local authority for Income from the house property cannot be claimed as a deduction while filing ITR.
Deductions under this section are specifically related to the interest paid on housing loans and standard deductions, but property tax does not fall under these categories.

Regarding working-from-home expenses, ITD has not introduced any specific provisions or laws that allow for the deduction or exemption of these expenses while filing ITR.

2 Likes
8

Thanks @Muskan_Balar.
One more query related to Medical expenses (ex Lab Tests/Medicines) for Senior citizen parents (age 66) which are not covered by Health Insurance company can be claimed under Medical Expenditure in 80D section right? What proofs are required while filing ITR?
Can you plz confirm If 50000 is max limit for expenses?

1 Like
9

Hi @Deepali_B

Yes, you can claim these medical expenses for lab tests/medicines for senior citizen parents u/s 80D.
No proofs are required as such. Just that if you have the receipts it’ll be a piece of sufficient evidence in case you receive a notice in the future.

Yes, ₹50,000 is the maximum amount you can claim u/s 80D for the same.

Read more about Section 80D: Deduction for Medical Insurance Premium - Learn by Quicko.

Hope this helps.

2 Likes
10

Does NRI required to include the Interest gained from the NRE -Fixed Deposits in the EXEMPT INCOME or can ignore.

11

Hi @Srikanth

Interest earned in the NRE account is exempt from tax for NRIs in India. However, it is required to be reported by the NRI in his ITR under IFOS > Exempt Income.

1 Like
12

Thank you very much maam.

13

How to ask question here an dget help ?

14

Hi @BBS_31

You can simply login to Tax QnA, type your query, and get help.

15

Hi @Shrutika_Shah
If I have Corporate Mediclaim policy for parent who is senior citizen, as per health insurance provider 20% co-pay to be paid by employee. Then in this case,

  1. can I show both premium paid my me and co-payment made by me for the surgery under section 80D?
  2. Also any other medical bills of senior citizen parent which cannot be reimbursed by insurance provider (no hospitalization) can be shown under this section 80D?

I am referring to below point in post/blog: Section 80D: Deduction for Medical Insurance Premium - Learn by Quicko

  • Payment made with regards to medical expenditure for senior citizen individuals or senior citizen parents which are not covered under any health insurance scheme.

Thank you!

16

@Shrutika_Shah Thanks, Could you please educate me on the below scenario.
Me As an NRI Giving monthly fix amount to my wife (NOT NRI) from MY NRE ACCOUNT, which she is investing in Mutual funds in under her pan card. Total annual amount given is less than 3 lakh…
*Is it mandatory for her to file ITR as she is a not working and earning any income?
*If yes than where this amount has to be declared in ITR form?
*Will there be any inquiry on the ITR to provide source of funds?
*I am as a NRI not filing any ITR in India.
*Or we can avoid filing the ITR?
Thanks