Calculating tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
If in A.Y. 2013-14 Assessee has taxable income which is less than his maximum exemption limit , this income also includes long term capital gain, Short term capital gain (111 A) and winning from lottery.
after deducting the income on which normal rates are applicable from maximum exemption limit can he give the advantage of exemption limit to long term capital gain, short term capital gain (111 A) and lottery income?
after deducting the income on which normal rates are applicable from maximum exemption limit can he give the advantage of exemption limit to long term capital gain, short term capital gain (111 A) and lottery income?
26 July 2013
You have to keep separately the Lottery Income and TDS thereon.
.
Now -You are left with special rate capital gains income and Income Taxable at normal rate.
.
Now form an example yourself by providing the data under various heads so that problems in calculation may be addressed and explained accordingly.
.
.
Now -You are left with special rate capital gains income and Income Taxable at normal rate.
.
Now form an example yourself by providing the data under various heads so that problems in calculation may be addressed and explained accordingly.
.
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