| Cn u tl me dat is exemption allwed even in case of STCG111A upto to basic exemption limit i.e. STCG111A is taxable @ 15% irrespective of basic exemption limit though it is a part of TI bt still tax has to be paid on it @ 15%. | ||
Shivani Mittal
(Practice)
(425 Points)
Replied 06 November 2009
| Cn u tl me dat is exemption allwed even in case of STCG111A upto to basic exemption limit i.e. STCG111A is taxable @ 15% irrespective of basic exemption limit though it is a part of TI bt still tax has to be paid on it @ 15%. | ||
Shivani Mittal
(Practice)
(425 Points)
Replied 06 November 2009
| If it is the case of STCG111A den tax has to be paid @ 15% irrespective of TI being within basic exemption limit , by ind/ huf ( ROR/NOR) if d income is accruing/ arising in INDIA or income is acruing/ arising abroad n received in INDIA.. | ||
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 November 2009
| Originally posted by :Shivani Mittal | ||
| " | If it is the case of STCG111A den tax has to be paid @ 15% irrespective of TI being within basic exemption limit , by ind/ huf ( ROR/NOR) if d income is accruing/ arising in INDIA or income is acruing/ arising abroad n received in INDIA.. |
" |
I doubt, pleaz explain w.r.t. section 111A
Juzer
| Originally posted by :CA Namita Ganatra | ||
| " | If he is just having STCG of Rs. 1.20 lacs and no other income then his income is lower than the exemption limit of Rs. 1.50 lacs determined for A.Y. 2009-10 hence he has no tax liability in A.Y. 2009-10. Further, you can go through the proviso to Sec. 111A which grants relief in such cases. | " |
nikita jain
(back office executive)
(45 Points)
Replied 08 November 2009
1.how the value of free services can be determined.are they liable to service tax.
2.in case of huf taxliability while computing tax on huf and its female member what is the exemption ceiling for its female member.its 180000 na.but in rtp nov09 its calulated on 150000.i m very confused for this.tax slab is same for individiual and huf and nonresident for female and senior citizens
Rakesh Mehta
(self employed)
(26 Points)
Replied 15 September 2010
Hi, I am reviving an old thread because this is exactly the query I have.
I have only income from capital gains - NO OTHER source of income. This income is by way of sale of stocks on the exchange, and have already been subjected to Section 111A. I am a resident Indian. As per the discussion here, I am not required to pay tax if my total income (80,000) is below the maximum exemption limit - in my case 1.6L.
However, when I file my returns using ITR 2 on incometaxindiaefiling.gov.in, the Tax Return Preparation software computes my tax at 15% + cess. Is that correct?
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