Tax on income u/s 111A
This query is : Resolved
15 February 2020
Hi
For Resident Individual below 60years of Age , if Income for FY 2019-20 is below Rs 5 Lakhs but above Rs 2.5 Lakhs ( Including Short Term Capital Gains from Sale of Equity Shares & Mutual Funds u/s 111A )
Will there still be any Tax Liablity as income u/s 111A is taxed at special rates.
For Resident Individual below 60years of Age , if Income for FY 2019-20 is below Rs 5 Lakhs but above Rs 2.5 Lakhs ( Including Short Term Capital Gains from Sale of Equity Shares & Mutual Funds u/s 111A )
Will there still be any Tax Liablity as income u/s 111A is taxed at special rates.
CA Mukesh Jain S
(Expert)
15 February 2020
Tax liability will be NIL since section 87A relief will be available for total income including STCG.
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