Sec 111A
This query is : Resolved
01 May 2009
What will the tax liability of an individual whose normal income is 200000, STCG u/s 111A is 50000 and deduction under Sec 80C is 100000 ? Will the tax liability for AY 2009-10 be NIL or Rs 5150 ? Pls confirm.
01 May 2009
Tax Liability for the assessment year 2009-10 will be:
Normal Income Rs. 200000.00
STCG 50000.00
Total Income 250000.00
Less Deduction chapter
VIA 100000.00
Total Income 150000.00
Tax Liability NIL
*
Because Normal Income is Rs. 2 Lacs, You can claim deduction u/s 80C Rs. 1 Lakh.
Normal Income Rs. 200000.00
STCG 50000.00
Total Income 250000.00
Less Deduction chapter
VIA 100000.00
Total Income 150000.00
Tax Liability NIL
*
Because Normal Income is Rs. 2 Lacs, You can claim deduction u/s 80C Rs. 1 Lakh.
01 May 2009
Sir, In Sec 111A, what does the word Total Income mean? Does it mean Gross total income or Net Taxable Income?
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