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Query on tax calculation

Tax queries 408 views 1 replies

Hi All,

I have a query related to tax calculation. I am working in IT company.

For example 

Annual income from my employer is                         : Rs 2,20,000 /-

Profit from share market on delivery based trading: Rs 3,00,000 /-

Loss from share market on Intra-day trading           : Rs    93,000 /-

How much will be my taxable income and tax amount? 

Request to provide detail calculation for my understanding.

I want to file my IT returns looking for a tax consultant.

Reach me @  919886628682

Regards

Chandra

9886628682

 

Replies (1)

Delivery based trading (assuming it as long term) = 300000

less : intraday trading = 93000

Net capital gain = 207000

tax on capital gain = 207000 * 15% = 31050

 

Income from salary = 220000

tax on salary as per slab rate = 6000

edu. cess = 6000 * 3% = 180

total tax payable = 31050+6000+180 = 37230...

 


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