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.
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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