Unexhausted basic exemption and sec.111a
This query is : Resolved
04 July 2018
If a person has net income of Rs.160000/- from all sources and STCG u/s 111A of rs.5000/-, is he liable to pay tax? can he utilise the unexhausted basic exemption towards STCG u/s 111A? since his total income will be rs.165000/-, he is exempted from payment of taxes?
CA Ankit R Momaya
(Expert)
04 July 2018
He can utilise the unexhausted Basic exemption limit and is exempted from payment of taxes.
04 July 2018
Exempted from tax. Inference- 1st proviso to 111A(1)
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