income tax
This query is : Resolved
29 January 2011
short term capital gain is rs.300000 and there is no other income.so the total income is 300000.what is tax liability in case of individual assessee.
29 January 2011
Male individual below 65--
Total Tax =15.45% of Rs (300000-160000)
=Rs 21630/-
Taxable income will be Total gain less exemption limit of individual-deduction u/s 80 if any.
Total Tax =15.45% of Rs (300000-160000)
=Rs 21630/-
Taxable income will be Total gain less exemption limit of individual-deduction u/s 80 if any.
29 January 2011
but income tax act written when other than stcg if income below maximum exemption limit then 10% not 15%
29 January 2011
visit this link for indepth analysis of that mistake in the section
https://www.caclubindia.com/forum/a-weird-section-111a-92605.asp
https://www.caclubindia.com/forum/a-weird-section-111a-92605.asp
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29 January 2011
in my question 140000*10% pls rply
29 January 2011
reply please
29 January 2011
it would be 140000 * 15% as mentioned by Sanjayji.
Guest
Guest
(Expert)
29 January 2011
But explain the nature of STCG
29 January 2011
Good point raised by Moondra Sir.
If STCG is STT paid then Tax Rate 15%.
If STCG is non STT paid normal tax rate will apply.
If STT paid (15.45% of Rs 140000/-)
If STT not paid (10.3% of Rs 140000/-)
If STCG is STT paid then Tax Rate 15%.
If STCG is non STT paid normal tax rate will apply.
If STT paid (15.45% of Rs 140000/-)
If STT not paid (10.3% of Rs 140000/-)
Guest
Guest
(Expert)
29 January 2011
Now, I agree with Mr. Sanjay
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