Tax to be paid on a one time deal where the profit is ...
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 March 2012
For avery senior citizen where the tax exeption is upto Rs.5lacs what would be the applicable rate for calculating tax on Income From Other Business ( profit on Spot Transaction of commodities)where the asessee makes a one time profit of only Rs.58,000/ AND including this profit her Total Income is less than Rs.5 lacs.
11 March 2012
The so called Other Business income forms part of the total income and is not subjected to a special rate.
.
As the Income is below the taxable limit , she has not to pay any tax.
.
If her income exceeds 500000 lac applicable
slab to her excess income will be of 20% upto total income of Rs. 8.00 lac., and beyond 8.00lac 30% rate of tax will be applied.
.
As the Income is below the taxable limit , she has not to pay any tax.
.
If her income exceeds 500000 lac applicable
slab to her excess income will be of 20% upto total income of Rs. 8.00 lac., and beyond 8.00lac 30% rate of tax will be applied.
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