Mayank Ahuja ("Learner") (586 Points)
26 October 2009Q. If an individual( male, not a senior person) having:
Salary Income : 98000/-
STCG: 60000/-
Deducn under 80c= 8000/-
wiil he be Liable to pay tax under A.Y.2009-10?
(b) what will be ur Tax amt If there is NO deducn u/s 80c is available?
Pls advice with tax calculation if possible, sm1 says STCG is taxable at flat rate irrespective of Slab rates?
Pls reply
Gaurav Raichura
(CA-Final Student)
(82 Points)
Replied 26 October 2009
Mr. Mayank, first reply whether STCG is of Sec. 111A or any other general STCG?
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
Q 2 Can STCG be set-off against LTCL/ Derivative loss ?????????
Can we take deduction of STT if we show it as a income under other sources..??
Pls reply
Gaurav Raichura
(CA-Final Student)
(82 Points)
Replied 26 October 2009
However, in any case this assessee is not liable to pay Income Tax as its Net Total Income doesn't exceed Rs. 160000. Further there will be no diff. whether he/she is Resident or NR
Gaurav Raichura
(CA-Final Student)
(82 Points)
Replied 26 October 2009
STCG can never be set off against LTCL. However, one can set off STCL against LTCL.
Further, derivatives transaction are always comes under speculative business & w.e.f. 1-4-2008, STT is allowable deduction under Income from business or profession.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 26 October 2009
in any of the case or option, there is no tax liability as net income < 160000....
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
@ gaurav
Its under sec 111A, sale of equity shares
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
@ sorry all
i mean in case of AY. 09-10
When Income limit is 150000
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
no reply....................:)
as per 150000........limit
sumit
(intern)
(43 Points)
Replied 26 October 2009
yes..if stcg is u/s 111a..den taxable at flat rate of 15%..i.e 9000+ e.c
n its other slary income will not be taxable as below limit
but ....also if any assesse has income below exemptn limti..den d balnce exemption of 60000(150000-(98000-8000))will be claimed rom stcg..so dis makes stcg as nil..hence it shud be no tax to be pai
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
Income limit of 160000/- is in case of A.Y.10-11 (i.e FY09-10)............
Pls answer ur query as per F.Y. 08-09
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
@ sumit...............
nw my query is solved.......
Thanks Buddy........
Can u provide me any reference, i mean any section (if possible ) in income Tax act, so dat i can go through it..................
Mayank Ahuja
("Learner")
(586 Points)
Replied 26 October 2009
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