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Tax queries 1207 views 24 replies

HELLO EVERYONE...

IF A INDIVIDUAL(MALE) HAS A SALARY INCOME OF RS.84000 AND SHORT TERM CAPITAL GAIN FROM SALE OF LISTED SECURITIES IS RS.75000....WHAT WILL BE HIS I.TAX LIABILITY FOR ASSTT. YEAR 2009-10....

REPLY ONLY IF DAMM SURE...THNKS

Replies (24)

Total income 84k+75k=159000

Basic exemption limit 1.50L

Balance (short term capital gain) 9k to be taxed @ 15%=1350 is the tax amount Ed. cess 3% works out to 41/=

Total tax payable 1391/-

Total Income 159000

 

Assuming resident assessee below 65 years

Basic exemption limit 150000

Balance taxable income 9000

 

Tax on above @ 15% = 1350.0

Add 3% cess =                    40.5

Total Tax        =                1390.5

Hi Amit the Tax liability should come to Rs. 1350.

Because short term capital assets are included in the total income of the individual, so the basic exemption limit of Rs. 150000 will be applicable to it also.

and the tax liability comes to (75000+84000=159000) - 150000 = 9000

and 9000*15%(stcg on listed securities) = 1350.

yes i agree with above

Ya....I agree with G.K & SREENIVAAS....

yups perfect....

Agree with G.K..............

agree

                             COMPUTATION OF INCOME

INCOME UNDER HEAD SALARY                                                          = Rs. 84000

 

INCOME UNDER HEAD CAPITAL GAIN (STCG U/S 111A)              =  RS.75000

                                    GROSS TOTAL INCOME                                      =RS.159000

                        

                                 COMPUTATION OF TAX

TAX ON NORMAL INCOME    = NIL

TAX ON OTHER INCOME       =  [75000 - (150000-84000)]

                                                    =9000

SO, TAX LIABILITY IS = 9000*15/100

                                                             TAX      = 1350

ADD: SHEC & EDU.CESS= 1350*3/100  =    41.50

                                                 TOTAL TAX  =     1391.50

Originally posted by : Akhil Yadav

you should have shame upon you before asking such a stupid question.

Sharam Karo

well said

agree

dear Amit

His income tax liability will be 10% on Rs. 9000 in excess of basic exemption limit.

in SEC 111A  2 conditions are given.

1. Assessee should be resident

2. His income other than capital gain should be less then basic exemption limit.

If these two conditions are satisfied then tax liability will be 900(9000*10%) + Educess @ 3%.

logically also he need to pay 10% only upto his income of Rs. 3,00,000/-

I dont agree........

 

No one has rounded off tax liability over here u/s 244B.

me too agree with GK


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