Exemption from filing return for income tax up to Rs 5L was one-off

Nov 19 2013, 13:14 IST
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SummaryI earn R4,97,000 as salary and my interest income from savings bank account is R3,000 (which has been reported to my employer and tax has been deducted) in FY13. Can I claim the exemption from filing return of income for FY13?

reduced by any charges recovered from the employee for such use. Thus, the taxable value of the perquisite, ie 10% per annum of the cost of furniture, would be included in your salary.

I incurred loss on sale of shares purchased eight months back, but I made short-term capital gain on sale of futures and options. Can I set off the short-term capital loss on sale of shares against capital gain arising on sale of the futures and options?

— Mukesh Agarwal

Section 70 of the I-T Act deals with setting off of loss from one source against income from another under the same head of income. There is no curb in case of short-term capital loss being set off against short-term capital gains. The short-term capital loss on sale of shares can be set off from short-term capital gains earned from futures and options.

Is interest from post office savings exempt under Section 10(15) and 80TTA?

— Arjun Ramaswamy

Under section 10(15)(i) interest income of up to R3,500 in the case of an individual account and R7,000 in the case of a joint account from post office savings is exempt from tax. While computing the total income, deduction of up to R10,000 will be available under Section 80TTA. Since the scope of both the provisions are separate and independent, you can claim the benefit of both.

The writer is founder of RSM Astute Consulting Group

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