Hi Team,
I have a scenerio on which I need to work out. My Client's Income is as below : -
Income from Business and Profession : - Sec 44ADA Income : - Rs 1200005 (After 50% Expense Claim)
Income From Other Sources ; - Rs 46385
Total Income Before Special Income of STCG : - 1246390
STCG From Sale of Equity Shares : - Rs 9380
Total Income After Special Income : - 1255770
ITR 3 utility shows Total Tax Payables as : -
Tax At Normal Rates : - 66959
Tax At Special Rates : - 1876
Total Tax : - 68835
Add Cess : - 2753
Total Tax Payable 71588
My Question is that since Income has marginally exceded Rs 12 lakhs, Won't Mariginal Relief Apply in such a case and bring Tax to only Rs 46390 + 1876 = 48266 + 4 % 1931 i.e. Total of Rs 50197 instead of Rs 71588 as Total income is less than Total Tax Payable.
Also how should I claim the same in ITR 3 as utility itself is not calculating the same. Sec 87A Column is showing as Blank for amount to be entered. Do we need to manually enter the rebate amount or should the system should have calculated the same.
With Regards,
Manik
CAclubindia
