15 September 2010
I have a confusion regarding computation of Short Term Capital Gains tax on sale of stocks traded on BSE and NSE. If my only source of income is through sale of stocks, and I have NO other income source like a salary or anything else, do I need to pay tax on Short Term Capital Gains (for profits made on stocks sold less than a year after purchase), if my yearly net income is below the 1.6 lacs limit? DO these Short Term Capital Gains come under section 111A?
15 September 2010
Thanks Sudhakar! However, when I was filing my IT Returns online using the TRP available on incometaxindiaefiling.gov.in, it showed my tax liability @ 15%. What do I need to do now? Should I update the generated XML directly and then upload it?
CAclubindia
