How much income tax do i have to pay?

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Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2012 I am a female, and have had an income of 2,10,000 durin 1.4.2010-31.3.2011. In which, I have had a loss of 50,000 in share market. How do I calculate my income tax? and do I get any exemption for my loses?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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21 March 2012 Your tax including Education surcharge shall be Rs. 2,060/-.

As regards the loss from share market then you have to provide the details but in no case the same shall be adjusted against your income for the financial year 2010-11 corresponding to the assessment year 2011-12. The loss on dealing with shares is either short term or long term capital gains and in case you have done trading without taking the delivery of shares then it will be treated as speculation loss and this loss can only be adjusted against speculation profit.
In case you have frequently traded in shares and the holding period is below 15 days then it will be treated as profit or loss from dealing in shares as business income or loss.

Since you have failed to submit the return in time as prescribed u/s 139(1) the business loss cannot be allowed for carry forward in any case.

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