Mukund Patel (Student) (477 Points)
28 August 2010Hello,
Case : long term capital gain arise on redumption of SIP is Rs. 37000 and tax payable @ 10% withought indexation.
Query? : 1> Wether any education cess applicable on tax ?
2> Interest U/s 234 A, B or C is applicable, if late filing of return ?
Thanking You,
Mukund
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 28 August 2010
Rate of 10% is come under special rate.
education cess and interest liabilty u/s 234 is applicable on total tax liabilty.
so firstly calculate ur tax liabilty then add education cess and add interest
![Rahul Gupta [CA,CS]](/img/avatars/my_avatars/413003.jpg)
Rahul Gupta [CA,CS]
(Asst Manager)
(39 Points)
Replied 28 August 2010
Yes you have to pay the tax and eductaio cess 3% on total tax liability and accordinly you have to calculate the interest us 234A,B,C.
Thanks,
Regards,
Rahul Gupta
09958073300
rahul.gupta @ generalcable.co.in
DALPAT R GOYAL
(Job)
(51 Points)
Replied 30 August 2010
Rate of 10% is come under special rate.
first of all you have to calculate ltc @ 10% than education cess & sec.edu. cess
and interest liabilty u/s 234 A,B,C is applicable on total tax liabilty.
DALPAT GOYAL
CA FINAL STUDENT
CAclubindia
