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Correction

 Many readers have pointed out to a mistake in The Hindu dated August 18, 2008, in these columns. It was advised under the title, “An exempt income would require to be disclosed”. While giving this advice, it was wrongly understood that there is no specific column for declaring exempt income. There is a column under Schedule EI so that exempt income like long-term capital gains, which has suffered Securities Transaction Tax, would be required to be disclosed in this Schedule to the return. The view that the assessee need not disclose exempt income is applicable only in limited cases, where the assessee’s taxable income after exclusion of the exempt income falls below the exemption limit, so that no return need be filed, since companies and firms alone are required to file annual return, irrespective of their income. The need for disclosing investments during the year to avoid any future enquiry was the point made out in the answer.

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