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How to compute tax liability

veera (self) (261 Points)

29 July 2021  
sir 1question in my mind is
If an assesse having the income from
Salary is 4,00,000
LTCG is. 500,000
STCG is 500,000
then how i have to compute the tax

sir pls provide solution of this question

 12 Replies

sabyasachi mukherjee (6793 Points)
Replied 29 July 2021

First furnish the following information.
1. nature of assesse.

veera (self) (261 Points)
Replied 29 July 2021

Person is Individual assesse

AKN FINANCIALSERVICES (146 Points)
Replied 29 July 2021

Capital Gain is on which income, shares or other than that.

sabyasachi mukherjee (6793 Points)
Replied 29 July 2021

Other disclosures are pertinent.

CMA Poornima Madhava (CMA) (13007 Points)
Replied 29 July 2021

Income tax calculator from IT portal might help you in this regard

debora M (BUSINESS DEVELOPMENT MANAGER)   (1386 Points)
Replied 29 July 2021

Your taxable income minus your tax deductions equals your gross tax liability. Gross tax liability minus any tax credits you're eligible for equals your total income tax liability. 

To calculate net income for a business, start with a company's total revenue. From this figure, subtract the business's expenses and operating costs to calculate the business's earnings before tax. Deduct tax from this amount to find the NI.

sabyasachi mukherjee (6793 Points)
Replied 29 July 2021

For computing Income from business and Profession it's the other way round.
profit from business
add back non cash expenditure.
First you hv to find out Profit before tax .
Then compute other way round.

Nidhi (Chief Accountant) (2060 Points)
Replied 31 July 2021

U can use Income tax calculator from IT portal,
for better understanding
Salary taxable at slab rate
LTCG as 10% or exempt, as the case may be
STCG as 15% or slab rate as the case may be

Sourav (Student) (23917 Points)
Replied 31 July 2021

Agree

Nidhi (Chief Accountant) (2060 Points)
Replied 31 July 2021

Sourav you are replying twice the same answer just for getting points or 250/- reward on CAClubindia.

what is sense of yes or no, just for point..

Please respect this reputed profession and stop making fun of public platform.

It's already told by reputed member to you that stop replying without any base just for points

If you are not Stop this, I have to make complaint to block your account.

sabyasachi mukherjee (6793 Points)
Replied 31 July 2021

Whatever I hv told it's as per ICAI accounting guidelines , icmai guidelines.

Sourav (Student) (23917 Points)
Replied 31 July 2021

Ok ..

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