13 July 2010
aditya but the provisions to sec 111a says that if ur income other that stcg is less that exemption limit.. then on the balance stcg after adjusting stcg in the exemption limit will be taxed @ 10%.. pls suggest/
13 July 2010
The rate out there in the provision has not been updated in the section and if u go to the income tax website to the act you will find this where 10% is written
*Word “fifteen” need be substituted for “ten”.
And also if the same is fifteen then only it makes any sense. Otherwise there is no sense in the section.
13 July 2010
First of all never give ur number in a public forum like this.
It can be misused. So i request u to modify ur quote.
If u are going by the section then I then it would be like this.
Take STCG from shares of Rs. 10,00,000/-
So if other income is below Rs. 160,000/- for male individuals say Rs. 159,000/- then tax on STCG u/s 111A will be at the rate of 10% as per the section
and if other income is above Rs. 160,000/- for male individuals say Rs. 161,000/- then tax on STCG u/s 111A will be at the rate of 15% as per the section.
So this makes a weird interpretation of the section.
So Word “fifteen” need be substituted for “ten” in the section and then read.
CAclubindia
