Calculate Tax Please

Mr. Mayank, first reply whether STCG is of Sec. 111A or any other general STCG?

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

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

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.

in any of the case or option, there is no tax liability as net income < 160000....

@ gaurav

Its under sec 111A, sale of equity shares

@ sorry all

i mean in case of AY. 09-10

When Income limit is 150000

no reply....................:)

as per 150000........limit

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

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

n if no 80c deduction den tax on 8000*15%
+e.c

@ 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..................

dnt rembr it rgt nw..will tel u d sectn soon..!!

Okkies.............

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