Folks,
I had a capital gains of 1,20,000 /- during 2010-2011 & no salary income. When i tried to e-file using the PDF utility provided by the incometaxindia.gov.in website, it calculated a tax of 16000 /- in the PARTB TTI 1b column for "Tax payable at special rates".
This surprised me since my total income is less than 1,6 Lakhs, i should not be taxed at all. I want to know if what the PDF utility calculated was correct. That is, if
a) THe total income is less than 1,60,000 /-
b) The total income is comprised only of capital gains taxed at special rates,
Should there be any income tax at all? I would greatly appreciate any replies since i am already late in filing thinking that i am below the taxable limit,
Thanks in advance,
Regards
CAclubindia
