| Originally posted by : Sandeep | ||
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Sorry Mr. Mohammad's but i think your calculation is wrong because Short Term Capital Gain (Except STCG U/s 111A on Shares) is always be taxable as Normal Income therefor Income Taxable as below : TOTAL INCOME = 869520 ( 515000+322000+32520 ) TAXABILITY (FOR AY 2010-11) UP TO 1,60,000 = NIL 1,60,000-3,00,000 = 14000(10%) 3,00,000-500000 = 40000(20%) ABOVE 500000 = 110856(30%) TAX = 164856 EC & SHEC ON TAX = 4946 (3% on 164856) TOTAL TAX = 169802/- NOTE : 1. Deduction U/s 80C to 80U cannot excced the Gross Total Income (after excluding STCG U/s 111A and LTCG) , so Deduction not allowed from STCG on Shares(111A) but allowed from any other STCG. 2. Tax Rate on STCG on Shares U/s 111A = 15% (Sometime 10%) and Tax Rate on Other any STCG = SLAB Rate (All user plz read question carefully as raise by Mr. Chetan, Mr Chetan says Taxaility for AY 2010-11 so Slab Rate applicable for AY 2010-11) |
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this calculation is correct....
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