Chartered Accountant

1. In all the ITR forms, there is a fixed “Schedule EI” The exempt income is required to be disclosed only in this schedule. PFF interest would be the part of Schedule –EI & it would be required to be incorporated in this schedule even if interest is not withdrawn. Additionally, agriculture income is required to be reported in Part B to “Schedule TI”. Other exempt income like, LIC Maturity proceeds eligible for exemption u/s 10(10D), withdrawals from provident fund is exempt u/s 10(11), dividend income is eligible for exemption u/s 10(34), Long term capital gain from sale of shares through recognized stock exchange is eligible for exemption u/s 10(38) etc are also required to be incorporated in Schedule EI. Income from SB A/c would be required to be shown as “Interest Income” under the head  “Income from other source”. Against Interest on SB A/c, you can claim deduction u/s 80TTA (up to max cap of Rs. 10,000/-) by mentioning it in Schedule –VIA. Further, if the return is to be submitted manually, the consolidated exempt amount is required to be filled up in the acknowledgment in ITR-V.
2. Though, ideally all the exempt income should be the part of above referred schedule, the return may not be revised as the unintentional non disclosure is not resulting in any revenue loss to the Government treasury. Advisably, taxpayer should be cautious while filing the income tax return so as to incorporate entire details in true spirit. An ignorance or leaving blank something that requires specific mention in the ITR could be penalizing.
3. The clubbing provision is not applicable on income accruing in the hands of mother out of the investment done from the amount gifted by son(neither in the hands of husband nor in the hands of son).