ST capital gains and income tax

This query is : Resolved

Ecstasyvio (Querist)
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04 August 2024 fy23-24 I had filled up itr3 for stcg+professional income sec ADA+interest income total inr 461000/- no refund claimed no tax applicable. afterwards my ais got updated in july and i filed revised itr for same stcg+same professional income in sec ADA with inr2875 refund +interest income increased by inr11000 total inr480,000/-, with refund claim 2875/-. but this time IT cut inr880 for stcg and allowed refund of inr2000/-. Though my total income is less than 7 lac under new regime .why did they tax my stcg (last year they did not tax stcg )as soon as i claimed a refund on TDS professional income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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04 August 2024 Rebate u/s. 87A is not allowed over STCG u/s. 112A, IT act in new regime; which has been clarified by ITD; this year.

Ecstasyvio

Ecstasyvio (Querist)
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05 August 2024 YOU MEAN TO SAY THIS IS TAX ON SPECIAL CATEGORY INCOME OF STCG.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 August 2024 Yes. u/s. 112A IT act.

Ecstasyvio

Ecstasyvio (Querist)
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06 August 2024 ok SIR, thanks very much. My doubt is now set to rest.But ITD has started implementing for FY23-24 itself though it was announced in budget 24

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 August 2024 As per recent clarification given by ITD it is applicable from the date of announcement.

Ecstasyvio

Ecstasyvio (Querist)
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06 August 2024 THANKS VERY MUCH SIR

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 August 2024 You are welcome.

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