• ITR clarification

hi
I need help pertaining to ITR filling for myself. 
Need clarity of filling ITR as I have got Gratuity (13 years of job with one company) /PF/Pension thru PF etc on behalf of my wife after her death. Now I have to file an ITR but not sure how to do. Also presently I have not been working since August 2017. 

Also, how to show the same while filling ITR (categories /section etc.)
Asked 6 months ago in Income Tax from New Delhi, Delhi
Hi, I can assist you in return filling on your behalf. Pl clarifty if you have any other income as well
Vidya Jain
CA, Kolkata
607 Answers
13 Consultations

4.8 on 5.0

Yes, I can help you in understanding as well as return filling. 

The Gratuity received after death of your wife is taxable under Income from oter sources in your hand. However, you are also eligible for exemption upto Rs 300000 u/s 10(10). However, if she is Government employee it is fully exempt
Vidya Jain
CA, Kolkata
607 Answers
13 Consultations

4.8 on 5.0

Gratuity exemption is taxed for the receiver under the head ‘Income from Other Sources’.

The least of the following is exempt from Tax:

1. Half month’s salary for each completed year of service. While calculating completed years, any fraction of a year shall be ignored. 
2. Rs 10,00,000
3. Gratuity actually received

PF is not taxable in your hands. Pension income will be taxable in your hands.

Hope this clarifies.
Nikhil Khanna
CA, Mumbai
1036 Answers
7 Consultations

5.0 on 5.0

Dear Sir,

1) In respect to gratuity amount, least of the following is exempt from tax.
a) Actual gratuity received, OR
b) 15 days salary for each completed year of service ,OR
c) Rs.10,00,000

2) In respect to Pension, pension received by you will be taxable in your hands as Family pension which is exempt from tax i.e. (33.33% of pension or 15,000 whichever is less) and the remaining if excess will be taxable.

3) PF amount is fully exempt.

When your wife left for heavenly abode?

Thanks
Vivek Kumar Arora
CA, Delhi
1257 Answers
24 Consultations

5.0 on 5.0

Hi,

With respect to the taxability of PF amount received, the same is not taxable if she has been in employment for continuous period of 5 years. It is not necessary that the employer should be same.

If the above condition is not fulfilled, then the same shall be taxable.

Thanks
Damini.
Damini Agarwal
CA, Bengaluru
261 Answers
12 Consultations

5.0 on 5.0

is it EPF? or PPF?
Vidya Jain
CA, Kolkata
607 Answers
13 Consultations

4.8 on 5.0

Hi,

Kindly clarify the amount in details what you receive presently per month.

As per the information provided, if you receive pension (whether yourself or on behalf of your wife), the same shall be taxable in your hands at the slabs applicable to you. If you are a senior citizen, then same slabs will apply.

Also, PF, Gratuity, etc. are taxable for which detailed information is required.

Regards,

Sunny Thakral
CA, Delhi
224 Answers
5 Consultations

5.0 on 5.0

Hi,

Pension is taxable as per slab rate.
Provident fund is exempt.
Gratuity is exempt to the extent of the least of the below:
1. Rs. 10 lakhs
2. Last drawn salary x number of years in employment x 15/26
3. Actual gratuity received

All the above will be taxed in your hands as Income from Other Sources.

Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
23 Consultations

5.0 on 5.0

Hello,

Please provide the exact amount that you have received and under which statute to help calculate the taxes if any.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

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