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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jun 09, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by SURESH on Jun 09, 2022Hindi

Money

Which ITR should I file for the subsequent year (AY 2021-22)? I have withdrawn the entire PF where should I show the same?

Ans: ITR-1 should be filed for the (AY 2021-22). The PF withdrawn should be shown as part of exempt income under Section 10(12) of the income tax return in case of recognised provident fund (assuming that you have been in employment for over 5 years).

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am unemployed during FY 2019 to 2020. I had no salary income, I had my PPF account got matures during this year. I have own house as well as second house which is on rental. Which ITR form to be used for filling return. Also where PPF mature amount to be shown?

Ans: Even though there was no salary for FY2019-20, you need to file your returns if your taxable income is above the basic exemption limit due to the rental income. You can use the ITR -1 if there is a requirement.

While filing your income tax return (ITR), an individual is required to report incomes that are exempted from tax under the ‘Computation of income and tax’ tab in the online ITR-1 form.

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i am 58 years old and my EPF account has to be closed now. I have not been working since 2018. Since I didnt withdraw my EPF earlier, I have been getting interest on my EPF accumulation since 2018. When I withdraw my EPF i will have to pay Income tax on the interest I earned since 2018. In the past 5 years I had income below taxable.limit so I have been paying zero income tax but I have filed returns for all these years Now when i file my returns for the current financial year, under which section in ITR should i mention this interest.

Ans: It's commendable that you've diligently managed your finances, ensuring compliance with tax regulations even during periods of low income. Now, as you prepare to withdraw your EPF and face the prospect of paying taxes on the interest earned since 2018, it's crucial to navigate this process smoothly.

When filing your returns for the current financial year, you can mention the interest earned on your EPF under the appropriate section of the Income Tax Return (ITR). Typically, this would fall under the "Income from Other Sources" section of the ITR form. Ensure to accurately report this income to maintain compliance with tax laws.

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Question by Ravi - Feb 05, 2024Hindi

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Hello Samkit, I have retired from Govt. PSU service during Oct.2022 and had filed my ITR (Form 1) for FY 2022-23. For FY 2023-24, will there be any change in filing of returns or do I file in Form 1 itself which includes present employer salary, FD / SB interest and dividends. Secondly, from the buyback of shares by a company, which I am holding, the profit (purchase price less buyback price after brokerage, if any), do I need to account through Form 1 itself or do I need to change to other form in which this profit, present employer salary, FD / SB interest and dividends to be accounted. Kindly advice. Ravi Shankar

Ans: You may continue in the form 1 itself. You need to show the buyback amount under the head exempt income in the form.

Please take assistance of your CA on this.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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