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.
Now, I want to know how to calculate my tax liability for asst yr 2013-14.
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.
(-)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.
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)}.
-------------
Taxable income -- Rs. 5,500/-
==========
Tax due @20% plus 3%cess -- Rs. 1,133/-
-------------
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)}.
-------------
Taxable income -- Rs. 5,500/-
==========
Tax due @20% plus 3%cess -- Rs. 1,133/-
-------------
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