There are certain incomes for which specific rates of tax are preferred in the Income Tax Act itself.
eg. Sec 111A- STCG on listed securities transferred on or after 1/10/2004 subjected to STT , is charged @ 15%
Similarily there are a few sections such as 112, 115A, 115AB, 115AC, 115 ACA, 115 AD, 115B, 115BB, 115BBA, 115 E that have specific rates of tax. (those aren't included in the Total Income)
My doubt:
1) Are they subjected to Surcharge? If so, how do we calculate them?
2) U/s 115 AD, LTCG arising from securities other than u/s 115 AC are subjected to 10% of tax- is this 10% after or befre giving indexation?
3) u/s 115 AD, STCG arising from securities other than u/s 115 AC are charged at 30% subject to STT 15%- Am not clear with this particular provision. I hope you people will throw more light on this.
Please clarify my doubts. Thanks .
Regards
Sid
CAclubindia
