hi
my question is
my salary income in fy 2013-14 is Rs. 170000 & i got profit on equity share interday trading is Rs. 40000.
so i liable to pay tax
kindly reply quikly
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Short term capital gain
Replies (10)
As your total taxable income excluding STCG is below the threshold taxable limit Rs 170000/-, then such shortfall can be adjusted against STCG. The balance STCG will be taxed at 15% plus education cess.
Rs 10000/- will be taxed at Rs 15% + education cess.
(I have assumed that you have paid STT and traded through RSE.)
NO U WILL NOT LIBLE TO PAY TAX.....
MORE CLEARANCE READ SECTION 87A of it act.....
No tax payable on salary. Tax payable at special rate 15% +cess for STCG.
no need to pay tax because of rebate u/s 87 A
(assuming that figures you have given is on actual basis)
Pls be specific taxable or not...also reason in both the cases
no tax.
total income is 2.1L
tax=10000*15%=1500 (STCG STT)
rebate u/s 87A= maximum 2000 or tax which ever is less =>rebate= 1500,
hence tax = NIL
as clear by jagdish.....
no tax.....
There will no tax liability as per section no. 87 A you get rebate of 2000 rs.
As per Sec 111A STCG on shares shall be taxed at 15% + E.C. 3%. I am not sure whether Sec.87A overrides section 111A. I'll be happy if it does!
87A overrides 111A. one will get benefit of section 87A on the income of special rate of tax
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