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please compute tax

CA Abhay (Chartered Accountant) (36 Points)

30 November 2009

I have my total income of Rs. 565000/- for A. Y. 2009-10 which include :- Business income of Rs. 60000/-, short term capital gain U/s 111A Rs. 55000 and Long term capital gain is Rs. 450000/-. So i want to know that how much my tax liability should be? (Assesse : Individual/Resident)

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8 Replies

Sunali (Learner) (1317 Points)
Replied 30 November 2009

Business Income: 60000/-+LTCG: 90000/-= 150000/-, basic exemption to individual resident.

STCG will be taxable @ 15% under sec 111A: 55000*15%=8250

LTCG will be taxable @ 20% under sec 112 : (450000-90000)=360000*0.20=72000, subject to the proviso to sec 112

Total Tax will be =8250+72000=80250+3% cess=82658 or 82660/-

Ansari (ca final) (444 Points)
Replied 01 December 2009

calculation given by Sonali is correct

Hareesh H Sharma (Cleared IPCC..now article) (894 Points)
Replied 01 December 2009

Sunali has done it for u abhay....tats the answer

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 01 December 2009

thanks Mr Sunali

Harshal (Article Assistant ) (182 Points)
Replied 01 December 2009

Perfect answer Ms. sunali....

The Harshit Aggarwal (B.Com(H) ,CS Final) (5278 Points)
Replied 01 December 2009

Originally posted by :Sunali
"	Business Income: 60000/-+LTCG: 90000/-= 150000/-, basic exemption to individual resident. STCG will be taxable @ 15% under sec 111A: 5500015%=8250 LTCG will be taxable @ 20% under sec 112 : (450000-90000)=3600000.20=72000, subject to the proviso to sec 112 Total Tax will be =8250+72000=80250+3% cess=82658 or 82660/-	"