Ok I am giving 2 scenarios and would like some clarification regarding the same.
Scenario 1: My income comes under not taxable category after 80c deductions. Now I have invested in liquid funds. Having earned some short term capital gains which even after adding to total income is not taxable. Now I only need to pay advance tax 15% on the short term gain earned from the liquid fund. Which will be refundable if I file returns?
Scenario 2: My net taxable income comes under 10% tax bracket after 80c deductions. I have invested in liquid funds. Having earned some short term capital gains which after adding to total income is taxable. So now I pay 10% tax on this income + pay advance tax 15% on the short term capital gain= 25% total tax on the income from liquid fund, am I correct?
CAclubindia
