Will I have to pay tax if Interest Income + STCG - 80C - 80U < Rs 160,000? STCG is from sale of shares on which STT has been paid.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 12 March 2010
Rajat Singhal CA,CS,CFA
(Senior Manager (F&A))
(254 Points)
Replied 12 March 2010
It can be like this (Interest Income - 80C - 80U) + STCG u/s 111A < Rs 1,60,000, then there is no need to pay tax.
Deductions are not availaible on STCG u/s 111A.
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