i ve doubt in calculation of tax liabilty... in following cases
there are ltcg n stcg n no other income......
also is the registration of service tax (9 lakh limit) applicable on due basis instead of receipt basis??
Ravi Chopra (CA) (661 Points)
25 October 2009i ve doubt in calculation of tax liabilty... in following cases
there are ltcg n stcg n no other income......
also is the registration of service tax (9 lakh limit) applicable on due basis instead of receipt basis??
praveen
(Chartered Accountant)
(6971 Points)
Replied 25 October 2009
I didnt understand your first question
service tax exemption limit for small service providers is 9 Lakhs on due basis.
Ravi Chopra
(CA)
(661 Points)
Replied 25 October 2009
for income tax query... considering male n nt senior citizen for a.y 9-10 slab
a) ltcg 100000, stcg 80000 other income nil..
b) ltcg 80000 stcg 100000 other nil
c) ltcg 80000 stcg 80000 other 10000
praveen
(Chartered Accountant)
(6971 Points)
Replied 25 October 2009
service tax exemption limit is 10 Lakhs but one has to get registered compulsary when the taxable service is or greater than 9 Lakhs.
santhosh
(Student)
(1174 Points)
Replied 26 October 2009
income tax:
a) Taxable income is Rs 70,000/- at special rate of 20% +cess
b) Taxable income Is Same
c) Taxable income is Rs 60,000/- at special rate of 20% + cess
Note:
1) STCG is calculated under normal income.
2) If the Basic exemption limit of RS 110000/- is not covered from the normal income balance amount will be taken from the LTCG and the remaining amount taxable at special rate @ 20%..
santhosh
(Student)
(1174 Points)
Replied 26 October 2009
Service Tax:
Although the exemption limit is Rs 10 lac, every preson should take compulsorily registered when the taxable services crosses Rs 9 lac........
praveen
(Chartered Accountant)
(6971 Points)
Replied 26 October 2009
| Originally posted by :santhosh | ||
| " | income tax: a) Taxable income is Rs 70,000/- at special rate of 20% +cess b) Taxable income Is Same c) Taxable income is Rs 60,000/- at special rate of 20% + cess Note: 1) STCG is calculated under normal income. 2) If the Basic exemption limit of RS 110000/- is not covered from the normal income balance amount will be taken from the LTCG and the remaining amount taxable at special rate @ 20%.. |
"
|
Basic exemption is Rs.150000 rite.
Ravi Chopra
(CA)
(661 Points)
Replied 26 October 2009
ok.. but i want to knw. if the stcg includes the gain from shares chargeable @ 15% then
wt will be the income chargeable to which special rate..
e.g. we will absorb stcg or ltcg to reach up to the basic exemption limit.?? or not.. as stcg is also applicable to special rate
praveen
(Chartered Accountant)
(6971 Points)
Replied 26 October 2009
we absorb all other income first.
then stcg and then ltcg
Ravi Chopra
(CA)
(661 Points)
Replied 26 October 2009
i mean.. if we have to see the benefit of assesee we can absorb the nil income from ltcg as shares are also liable to 15 % in stcg.. so it will be beneficial for assessee to absorb it firstly from ltcg chargeable at 20 %
santhosh
(Student)
(1174 Points)
Replied 28 October 2009
| Originally posted by :praveen | ||
| " | Originally posted by :santhosh " income tax: a) Taxable income is Rs 70,000/- at special rate of 20% +cess b) Taxable income Is Same c) Taxable income is Rs 60,000/- at special rate of 20% + cess Note: 1) STCG is calculated under normal income. 2) If the Basic exemption limit of RS 110000/- is not covered from the normal income balance amount will be taken from the LTCG and the remaining amount taxable at special rate @ 20%.. " Basic exemption is Rs.150000 rite. |
" |
Thank you praveen you are rit.....
santhosh
(Student)
(1174 Points)
Replied 28 October 2009
| Originally posted by :Ravi Chopra | ||
| " | i mean.. if we have to see the benefit of assesee we can absorb the nil income from ltcg as shares are also liable to 15 % in stcg.. so it will be beneficial for assessee to absorb it firstly from ltcg chargeable at 20 % | " |
I couldn't get you.....
Ravi Chopra
(CA)
(661 Points)
Replied 28 October 2009
i mean to say
ltcg 80000
stcg 80000...
if we absorb 150000( min exemption limit) from stcg as suggested earlier.. tax will be 20% on 70000. but if we absorb it from ltcg.. thn tax liabilty will be 70000*15 stcg... so is it compulsory to absorb amount from stcg first????
as it will be beneficial for assessee if it is absorbed frm stcg???
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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