Comment on Taxation Simplified

Nithin Kamath commented on 13 May 2013, 08:02 AM

Venki,

The critical thing here is if you have filed your losses of the previous year and if you have, is it done like a trader or as an investor.

If you have filed it as a trader, yes you can setoff the 2.5lk of carry forward losses with your income from the sale of NASDAQ listed shares and you can claim for refund.

No special rates on Saving bank, but you get the benefit of deduction upto Rs 10000 on savings bank interest U/S 80TTA. So what this means is if you have 12000 as SB interest income, the first 10000 is considered as deduction and the remaining 2000 is added to your taxable income.

Yes if you can show that the overdraft on FD is for the purpose of trading, you can show the interest as a business expense for trading. This can be setoff against your other income.

Will get back to you on the query on ELSS,

Do consult your CA before you take any decision.

Cheers,

Nithin

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