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.
CA PARAS BAFNA
(Expert)
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
