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Tax Liability

This query is : Resolved 
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(Querist)
09 March 2010 Respected all,

A resident male individual has Total Income of Rs.3,40,000/- for the A.Y. 2009-10 consisting of-
STCG- Rs.60,000/-.
Other Income- Rs. 2,80,000/-

What should be the tax liability?
Please note that the total income exceeds Rs. 3,00,000/- and hence falls in the slab of 20% for income from 3,00,000-5,00,000.

Regards,
Jyoti
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Anjani Pratap Tiwari

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Anjani Pratap Tiwari (Expert)
10 March 2010 15% on STCG:-9000/-
10% on 120000/-:-12000/-

plus E.Cess on 21000/-:630/-

Total Tax Amount: 21630/-
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
10 March 2010 10% on 140000/-:-14000/-
20% on Balance Rs 40000/-:-8000/-

plus E.Cess on 22000/-:660/-

Total Tax Amount: 22660/-

In the absence of any information as to the nature of STCG, it is presumed that the same accrued from sale of a Short Term Capital Asset other then shares on which STT has been paid.
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