Short term capital gain u/s 111a

1485 views 1 replies
dear Cci members, I have read in PDF file of capital gain tax rate of income tax site that surcharge should charged 10% on income tax if the taxable income of partnership firm is more than 1 crore. firm is having short term capital gain of 30 lacs u/s 111a on sale of equity shares on which stt has been paid.Now my question is that on what rate I should calculate capital gain. If I am charging 16.5% after considering 1.5 % surcharge on 15% capital tax then is it correct???please guide me as soon as possible as I have to file return before 31st July.thanx in advance.
Replies (1)
from your query it is not clear whether the firm taxable income exceeds 1 crore or not. assuming that it exceeds 1 crore, you might ne subject to tax audit and due date for you will be 30th sept. however stcg will be taxed at 16.5% + cess. if it does not exceed 1 crore then no surcharge applicable.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register