RELIEF ON INCOME TAX FOR ARREARS - RECEIVED IN FY 2016-17

RELIEF ON INCOME TAX ON ARREARS OF OROP-2

1.  There have been Many queries from our readers on as to how to work out relief on Arrears of OROP fourth installment, which had been received during the FY 2023-24 while filing the ITR for the current Assessment Year  before 31st of Jul 2024

       NOTE : Just to remind the readers  not to delay filing your return this year as the

 Income Tax department will charge you delay penalty of Rs 5000/- . It is no Rocket

 science but a child’s play. It is very very easy to file the ITR on line, child's play because

 your data is prefilled by the portal and all calculations are done automatically, you

 need to  just put in figures of your pension and income from other sources rest is done

 by the on line software, do veryfy the figures as per interest certs received from the

 banks. Please refer to our post on the same at "E FILING ITR-1 ON LINE"   

 OR copy paste this in your browser   http://signals-parivaar.blogspot.com/2018/07/e-filing-itr-1-on-line.html

3.  The installments of OROP-2 lif pertain to the FY 2023-24 will add to your income hence the Tax. 
4.   One can claim rebate to the extent what we would have paid had the arrears were received during the year to which they pertain to. This all done on line while filing the ITR by filling up Form 10-E. However first and foremost carry a check whether it will be of some benefit or not.

5.   It will be beneficcial only if in the previous years you were ina lower bracket.