Tax on STCG
This query is : Resolved
Mahender Jain
(Querist)
12 July 2011
Suppose my Taxable income is Rs. 5,50,000/- including STCG is Rs. 1,00,000/-
So how i have to calculate the Tax
1. Tax on Rs. (4,50,000/- Less 1,60,000/-) at 10% Rs. 29,000/- and on Rs. 1,00,000/- at 15% Rs. 15,000/-, Total 44,000/-
Or
2. Tax on Rs. (5,00,000/- Less 1,60,000/-) at 10% Rs. 34,000/- and on Rs. 50,000/- at 15% Rs. 7,500/-, Total Rs. 41,500/-
So how i have to calculate the Tax
1. Tax on Rs. (4,50,000/- Less 1,60,000/-) at 10% Rs. 29,000/- and on Rs. 1,00,000/- at 15% Rs. 15,000/-, Total 44,000/-
Or
2. Tax on Rs. (5,00,000/- Less 1,60,000/-) at 10% Rs. 34,000/- and on Rs. 50,000/- at 15% Rs. 7,500/-, Total Rs. 41,500/-
CA PARAS BAFNA
(Expert)
12 July 2011
Mahendra Bhai ,
If you are not a senior citizen,
calculation given in Par 1. is correct.
If you are not a senior citizen,
calculation given in Par 1. is correct.
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