POSTED BY June 11, 2014 12:03 pm ONE COMMENTON
Have 2 queries regarding non-taxable income:
1) What\’s the purpose of mentioning non-taxable (exempt) income while filing tax returns? What problem(s) can be encountered if you omit this?
2) Upon Equity MF redemption (>1yr), Exempt income = Redemption amount – Principal. If this is -ve , it will be loss and thus reduce the Total Exempt income – Is this understanding correct?
Thanks in advance.