Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
03 July 2013I am a salaried assessee. I have some income from other sources like interest from FDs with banks, income from evaluation of answer books of students etc. My question is can I claim any deduction of expenses from income from other sources and offer the net figure for taxation. I think section 57 allows this.
Wanted to confirm from your goodselves.
Regards,
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 03 July 2013
hi Dipjyoti,
Section 57 allows deduction of expenses incurred to earn the income from Other sources..
Your case can be divided into 2 parts :
1) FD interest requires no expenses to be incurred to earn the same and hence no expense can be claimed
2) CA paper checking - expenses of sending back the papers by speed post is the only expense you have to virtually spend to earn the said income
Varsha
(Student)
(1164 Points)
Replied 03 July 2013
| Originally posted by : CA Ankit Totla | ||
 |
hi Dipjyoti, Section 57 allows deduction of expenses incurred to earn the income from Other sources.. Your case can be divided into 2 parts : 1) FD interest requires no expenses to be incurred to earn the same and hence no expense can be claimed 2) CA paper checking - expenses of sending back the papers by speed post is the only expense you have to virtually spend to earn the said income |
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Mihir
(Wealth Manager)
(5293 Points)
Replied 03 July 2013
You can avail exemption on interest income from bank saving account upto Rs. 10,000.
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 03 July 2013
| Originally posted by : Mihir | ||
|
|
You can avail exemption on interest income from bank saving account upto Rs. 10,000. |
|
exemption does not extend to interest from FD
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