Dt doubt-plz clarify

Page no : 2

PIYUSH SINGH (student) (2471 Points)
Replied 09 April 2013

Thank you Kirti for the value addition.

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CA Naveen Jawla (Practicing Chartered Accountant) (51 Points)
Replied 09 April 2013

Dear Friends,

Mr. Piyus is correct. Only Rs. 6000 will be taxable @ 20 %. As this 20% tax rate is applicale after allowing maximium amount not chargeable for tax.

In addition to it , if there is any income from horse race or winning from lottries than that full amount will be taxable @ 30% without allowing any kind of deduction or exemption limit.

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(Guest)

@ CA naveen sir- i did not understand ur point,can u plz explain....if 150000 was from winning from lottery and 56000 from salary then how tax will b computed?

CA Naveen Jawla (Practicing Chartered Accountant) (51 Points)
Replied 10 April 2013

Originally posted by : ashima
	@ CA naveen sir- i did not understand ur point,can u plz explain....if 150000 was from winning from lottery and 56000 from salary then how tax will b computed?

Sorry Dear Friend,

I have not clearlyfied properly.

I mean that wiining from lottries etc. (i.e. Casual Income) is also taxable after the maximum limit not chargeabl to tax. In this case Deductions of Expenses realetd to it not allowed.

As per your question (206000-200000) Rs. 6000 is chargeable @ 30%.

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VIVEK (CA) (92 Points)
Replied 11 April 2013

Rs 6000 is taxed @ 20% as the basic exemption limit is utilized against other sources first and then to LTCG so Rs. 6000 is d part of LTCG and hence to be taxed @ 20%

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