Computation of tax laibility

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2013 My long term capital gain with indexation during the financial year 2012-13 is Rs 20,000/- and business income is Rs. 2,26,000/-. Iam also eligible for deduction under 80c for Rs.40,500/-.
Now, I want to know how to calculate my tax liability for asst yr 2013-14.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 August 2013 Business income-Rs 2,26,000
(-)Sec 80C ded -Rs40,500
net Business income 1,85,500

Capital gain -20,000
Net Income-2,05,500

Long term capital gain on rs 20,500-14,500(2,00,000-1,85,500)5,500*20/100=1,100+3%=1,133.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 August 2013 Capital gains -- Rs. 20,000/-

Less. Shortfall in basic
exemption (Rs.2,00,000
minus business income net
of 80C Rs.1,85,500) -- Rs. 14,500/
{vide proviso to section
112(1)(a)}.
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Taxable income -- Rs. 5,500/-
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Tax due @20% plus 3%cess -- Rs. 1,133/-
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