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

CA PARAS BAFNA (Expert)
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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.

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