POSTED BY July 1, 2012 3:30 pm COMMENTS (14)ON
I’m filling ITR-2 and in sheet “PARTB – TI – TTI” where we’ve to give salary details, we’ve to provide details of “allowance exempt under section 10”.
I observed that the amount entered is not taken into account for income tax calculation and same is mentioned in Income Tax payer guide for ITR-2.
But in Form-16, my company has deducted the same allowance from the Taxable Income.
This is resulting in net tax payable from my side.
I wanted to know that aren’t we supposed to claim Conveyance allowance if filing ITR-2?
Also, I’m filing ITR-2 because I’ve 1 home loan. I just read in another query that I should use ITR-2 if I’ve more than 1 home loan, is that right?