Which section under the income-tax act / finance act spells that the short term capital gains (other than chargeable under section 111A) are charged to tax as per the normal slabs of income-tax (i.e. 30% in case of Companies)?
Chartered Accountant (Employee) (41 Points)
01 July 2014Which section under the income-tax act / finance act spells that the short term capital gains (other than chargeable under section 111A) are charged to tax as per the normal slabs of income-tax (i.e. 30% in case of Companies)?
Pavan Kumar
(b)
(60 Points)
Replied 01 July 2014
Sec 4 is the charging section and which says " Income tax shall be charged at the rate or rates prescribed in the finance act for the relevent previous year if specif rates are not priscribed in the Income Tax Act 1961". hence for STCG in question taxable at the rate or rates prescribed in the finance act if specific rate is not priscribed in the Income Tax act.
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