28 July 2012
I have income of Rs 150000 and short term capital gain tax of Rs 8000 under Section 111 A i.e sale of shares can you please advse how tax is to be calculated
29 July 2012
Sir your total income i.e. 150000+8000 donot exceed exemption limit and hence no tax is payable. However if the case was 150000+40000 than you would be liable for special rates of taxes u/s 111A at Rs. 10000/- only(in case of limit of 180000/-)
CAclubindia
