I have Net total income excluding STCG u/s.111A for A.Y.11-12 is 165000/- and STCG u/s. 111A is Rs. 5000/-(approx.) and TDS receivable of Rs.2000./-. Now do i have to paid a tax @ 15% on STCG u/s. 111A and claim a refund of Rs. 1485/-(i.e.1650000-160000*10.3%) from the IT dept. or can i deduct Rs.765(i.e.5000*15.45%)+Rs.515/- from the TDS receivable and claim the balance amount as tax refund?
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Can tax payable on stcg u/s.111a can be adjusted against tds
Replies (1)
total tax (stcg @ 15%+normal income as per slab rates)+EC-tds =net tax payable
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