10 May 2009
if we have casual winnings as income of for eg. 120000 so we have to calculate tax @30% without considering any exemption limit of 150000? second if we have LTCG on land with and without indexation of Rs100000 and SCTCG u/s 111A of Rs100000 so how to calculate tax on it for individual
11 May 2009
The Total Tax Liability is Rs.36050/- Total Taxable Income is Rs.320000/- in that basic limit is Rs.150000/- the balance amount is Rs.170000/- In that Short term capital Gain Rs.100000/- The balance is Long term capital gain is Rs.70000/- The Short Term capital Gain is Rs.20000+the Long term capital gain is Rs.15000/- For that Education cess is Rs.1050/- Hence the total Tax liability is Rs.36050/- The casual Income income is taxed at a flat rate of 30.9% hence the tds will be made to the Person to whom the income is accrued. Hence the asese can claim tds of Rs.37080/- for the casual income of Rs.120000/- Hence the Refund should be claimed by the Assessee for Rs.1030/-(37080-36050)
11 May 2009
The Total Tax Liability is Rs.36050/- Total Taxable Income is Rs.320000/- in that basic limit is Rs.150000/- the balance amount is Rs.170000/- In that Short term capital Gain Rs.100000/- The balance is Long term capital gain is Rs.70000/- The Short Term capital Gain is Rs.20000+the Long term capital gain is Rs.15000/- For that Education cess is Rs.1050/- Hence the total Tax liability is Rs.36050/- The casual Income income is taxed at a flat rate of 30.9% hence the tds will be made to the Person to whom the income is accrued. Hence the asese can claim tds of Rs.37080/- for the casual income of Rs.120000/- Hence the Refund should be claimed by the Assessee for Rs.1030/-(37080-36050)
CAclubindia
